在上海，离异独居、无儿无女、年近八旬的李女士将名下唯一住房"装"进了上海爱建信托有限责任公司 （以下简称"爱建信托"）设立的"心享"特殊需要服务信托，以租金补充养老金，百年之后房产将定向传 承给照料她的侄子。她的安心，缘于一项金融制度的破冰——不动产信托财产登记制度。这项制度的落 地为与李女士境况相似的人群提供了"以房养老"新路径。 当前，我国居民住房资产占家庭总资产比重过半，这本应是解决养老资金问题的重要资源。然而，反向 抵押贷款（倒按揭）等传统"以房养老"金融模式，因老年人担忧失去房产控制权、金融机构顾虑房价波 动风险，多年来推广效果不尽如人意。 如今，随着北京、上海、广州、厦门等地相继开展不动产信托财产登记试点，这一困局正在被打破。信 托公司作为专业管家，通过创新的不动产信托模式，正在将"沉睡的房产"转化为可持续的养老现金流， 这不仅成为金融业书写养老金融"大文章"的重要章节，更守护了"万家灯火"的养老期待。 制度破冰 以房养老破局 在人口老龄化加速背景下，老年人的养老需求日益迫切。手握房产类固定资产，但流动性资金却相对不 足是不少居民家庭面临的共同养老困境，如何盘活房产为养老资金"开源"成为亟待解决的 ...

Core Viewpoint - Xiamen has become the fourth city in China to launch a pilot program for real estate trust property registration, following Beijing, Shanghai, and Guangzhou, aiming to address asset inheritance challenges and enhance the service functions of the trust system in areas such as elderly care and public welfare [1][2]. Group 1: Pilot Program Details - The pilot program, titled "Xiamen City Real Estate Trust Property Registration Pilot Program," was jointly issued by multiple local government departments, including the Xiamen Financial Supervision Administration [1]. - The program introduces innovative measures, allowing for the registration of various trust-related activities, such as additional delivery of real estate to trust property, using trust funds to purchase real estate, changing trustees, and altering beneficiaries [1]. - A detailed process has been designed for seven major registration reasons, with a "guideline-style" operational instruction to facilitate the registration process [1]. Group 2: Market Implications - The pilot program broadens the definition of real estate trust property registration, enabling the separation of ownership, management, and beneficiary rights, which helps mitigate risks and achieve wealth inheritance [2]. - Following the initial notification from Beijing in December 2024, the pilot programs in Shanghai, Guangzhou, and now Xiamen indicate a growing trend towards real estate trust property registration across major cities [2]. - Future expansions of real estate trust property registration are expected to prioritize regions with dense real estate and solid pilot foundations, such as the Yangtze River Delta, while also enhancing supporting systems like tax incentives and judicial frameworks [2].

北京商报讯（记者 廖蒙）不动产信托试点持续推进中。8月10日，北京商报记者注意到，国家金融监督管理总局厦门金融监管局发布公告指出，近日厦门金 融监管局联合市自然资源和规划局、市税务局、市委金融办等部门印发《厦门市不动产信托财产登记试点方案》（以下简称《试点方案》），这标志着厦门 成为继北京、上海、广州后第四个开展不动产信托财产登记试点的城市。 用益金融信托研究院研究员喻智告诉北京商报记者，相较于其他地区，厦门不动产信托财产登记试点的特殊性主要体现在制度创新和实用性上。"厦门在北 京、上海、广州等地试点经验上有进一步的拓展，在登记事项上更加细化，多部门协同机制更加成熟，整体的操作性更强，为不动产信托服务于民生、养 老、慈善等长期需求奠定了基础。"喻智指出。 北京商报记者进一步对比发现，《试点方案》中对不动产信托财产登记提出了更为宽泛的概念定义。《试点方案》指出，不动产信托财产登记是指不动产登 记机构依据信托当事人申请，将不动产权利归属、其他法定事项和信托相关事项记载于不动产登记簿，以完成权属登记、信托公示登记的行为。厦门辖内信 托机构作为信托受托人取得厦门市行政区域范围内国有土地上的不动产权利，根据信托文件约定 ...

Core Viewpoint - The introduction of real estate trust property registration in cities like Beijing, Shanghai, and Guangdong is seen as a breakthrough in addressing legal obstacles related to trust property rights, facilitating the integration of real estate resources with pension security needs [1][2]. Group 1: Real Estate Trust Registration - Real estate trust property registration resolves legal barriers to trust property rights, enabling non-cash assets like real estate to be included in trusts, thus fostering innovation in pension finance [1]. - The registration system enhances asset security by clarifying property rights, which is crucial for the stability of pension finance [2]. Group 2: Advantages of Real Estate Trusts - Compared to traditional "reverse mortgage" models, real estate trusts offer risk isolation, ensuring that trust assets are independent from the trustee's and trustor's personal assets, thus safeguarding pension security [3]. - Real estate trusts allow for flexible inheritance arrangements, enabling multiple beneficiaries and achieving both pension and inheritance goals [3]. - The model supports comprehensive services by integrating medical and care services, creating a "finance + elderly care" ecosystem, unlike traditional models that only provide financial support [3]. Group 3: Target Audience and Accessibility - The primary audience for real estate pension solutions includes homeowners lacking stable cash flow, families without children, and high-net-worth families seeking both pension security and wealth transfer [4]. - Real estate trusts do not have specific entry thresholds, making them more accessible compared to traditional trust products that often require significant initial investments [4]. Group 4: Market Potential and Sustainability - The potential market for real estate trusts in China is substantial, especially in first- and second-tier cities, with estimates suggesting a market size of hundreds of billions if supportive tax policies are implemented [4]. - The model is expected to activate idle real estate assets and improve their utilization efficiency, while also allowing gradual asset value release to minimize market impact [4]. Group 5: Policy and Regulatory Support - Nationwide promotion of real estate trust registration will require time and supportive policies, with expectations for expansion in cities with high aging rates and stable property values by 2025 to 2027 [6]. - Key supportive policies include optimizing tax regulations, ensuring judicial protection for trust assets, and enhancing inter-departmental collaboration for unified regulatory standards [6]. Group 6: Recommendations for Trust Companies - Trust companies are encouraged to innovate products, such as combining "reverse mortgage" trusts with long-term care insurance, to extend service offerings [6]. - Building an ecosystem by collaborating with elderly care and medical institutions can create comprehensive pension solutions [6]. - Utilizing technology, such as AI, can enhance operational efficiency in property valuation and rental predictions [6].

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 trust industry in China is implementing new initiatives to enhance financial inclusivity, focusing on special needs trusts, real estate trusts, elderly care trusts, and intellectual property trusts, as highlighted by Shanghai Trust's recent developments [3][4][5]. Group 1: Special Needs Trusts - Shanghai Trust launched its first special needs trust in November 2024, aimed at providing comprehensive services for disabled individuals and elderly people with diminished capacity [3]. - The special needs trust integrates various assets and social resources to offer services such as life care, asset management, and elderly care, creating a "barrier-free financial" service environment [3]. Group 2: Real Estate and Elderly Care Trusts - Since 2022, Shanghai Trust has been actively exploring real estate and elderly care trusts, participating in legislative consultations for the new regulations on real estate trusts [4]. - The company successfully implemented the first "cash + real estate" family service trust in June 2024, enhancing the application of trust services in the real estate sector [4]. Group 3: Intellectual Property Trusts - Shanghai Trust, in collaboration with local medical institutions, launched the first corporate-operated intellectual property service trust in June 2024, aimed at facilitating the commercialization of clinical innovations [4]. Group 4: Future Plans for Inclusive Trust Services - The company plans to advance digitalization in trust services to better serve diverse social groups [5]. - There is a focus on developing family service trusts to make wealth management accessible to more individuals [5]. - The company aims to enhance prepaid fund trusts to support social governance and improve the business environment [5]. - Additionally, there is a commitment to expand elderly care and charitable trusts to contribute to the financial well-being of the elderly and promote common prosperity [5].

Core Viewpoint - The lack of a real estate trust property registration system has long been a systemic barrier to the development of the trust industry in China. The case of the first residential real estate trust property registration in Tongzhou District provides an innovative example to address this issue [1][3]. Group 1: Industry Pain Points - The trust industry in China faces significant constraints due to the absence of a real estate trust property registration system, which severely limits the development of real estate trust business. As of the end of 2024, the total entrusted property scale of 68 trust companies reached 27 trillion yuan, but real estate trusts are only a few cases [3]. - Key systemic barriers include unclear legal definitions of property ownership, cumbersome property transfer processes, and excessive tax burdens. The confusion over property ownership threatens beneficiary rights and leads to legal disputes [3][4]. - Traditional models require clients to inject cash into trust plans before purchasing properties, which imposes additional financial burdens on ordinary families [3]. Group 2: Policy Breakthroughs - On November 18, 2023, the State Council included the establishment of a real estate trust property registration mechanism in the work plan for expanding financial services in Beijing, providing top-level policy support for pilot projects [5]. - The Beijing Municipal People's Congress revised the "Beijing Optimization of Business Environment Regulations" to explore the establishment of a registration mechanism for real estate and equity as trust property, ensuring legislative support for institutional innovation [5]. - A three-tiered institutional framework has been established, consisting of top-level design, local legislation, and implementation details, marking the official start of the real estate trust property registration pilot [5]. Group 3: Practical Breakthroughs - The first residential real estate trust property registration was completed in Tongzhou District on April 2, 2025, establishing a special needs trust for a 70-year-old resident to provide lifelong care for her autistic son [6]. - The "Tongzhou case" achieved three major breakthroughs: establishing a legal confirmation mechanism for property registration, simplifying the property transfer process, and creating a three-tiered supervision mechanism involving the trustee, successor rights holders, and an oversight lawyer [7]. Group 4: Social Value and Market Impact - The expected institutional dividends from real estate trusts will be widely recognized, with special needs trusts anticipated to grow rapidly, alongside increasing demand for elder care and wealth inheritance trusts [22]. - By 2030, the entrusted property scale of residential real estate trusts in China is projected to exceed 3 trillion yuan, driven by a growth rate of 15% to 20%, transforming the wealth management industry from "client asset management" to "social security" [23]. - The pilot experience in Beijing demonstrates how institutional innovation can activate the financial value of existing assets and expand the coverage of inclusive finance, providing a practical model for financial support for common prosperity [24].

Core Viewpoint - The article discusses the lack of a real estate trust property registration system in China's trust industry, which has long hindered its development. The case of the first residential real estate trust property registration in Tongzhou District serves as an innovative example to address this institutional barrier and explores the unique value of real estate trusts in inclusive finance and elder care finance [2][4]. Group 1: Industry Pain Points - The trust industry in China faces significant challenges due to the absence of a real estate trust property registration system, which severely restricts the development of real estate trust business. As of the end of 2024, the total entrusted property scale of 68 trust companies reached 27 trillion yuan, but the number of real estate trusts is minimal [4]. - Key institutional barriers include unclear legal definitions of property ownership, cumbersome property transfer processes, and excessive tax burdens. The confusion over property rights threatens beneficiary rights and leads to legal disputes [4][6]. - The traditional model requires clients to inject cash into the trust plan before purchasing property, which imposes additional financial burdens and operational delays on ordinary families [4][6]. Group 2: Policy Breakthroughs - On November 18, 2023, the State Council included the establishment of a real estate trust property registration mechanism in its plan to expand financial services, providing top-level policy support for the pilot project in Beijing [7]. - The Beijing Municipal People's Congress passed a revised regulation on November 29, 2024, which explicitly states the exploration of a registration mechanism for real estate and equity as trust property, thus ensuring legislative support for institutional innovation [7]. - A three-tiered institutional framework has been established, consisting of top-level design, local legislation, and implementation details, marking the official start of the real estate trust property registration pilot [7]. Group 3: Practical Breakthroughs - On April 2, 2025, Guotou Taikang Trust completed the first residential real estate trust property registration in Tongzhou District, where the trust was established to provide lifelong care for a beneficiary with autism [8]. - The "Tongzhou Case" achieved three major breakthroughs: the establishment of a legal confirmation mechanism for property registration, simplification of the property transfer process, and the creation of a lifelong care mechanism for the beneficiary [8][9]. - The legal confirmation mechanism ensures that the property is clearly marked as "trust property," which helps to mitigate risks associated with property mixing and serves as a core basis for judicial proceedings in property disputes [8].

Core Insights - The first "real estate + cash" mixed property family trust was established in Shanghai, marking a significant development in the real estate trust sector in China [1] - The establishment of this trust is part of a pilot program initiated by Shanghai's financial authorities to facilitate real estate trust registration, allowing for the separation of assets between the trustor and the trustee [1][2] Group 1: Real Estate Trust Development - The pilot program aims to address previous challenges in establishing real estate trusts, particularly the risk of property being included in the trustee's debt obligations [1] - The new regulations require the transfer of real estate ownership to the trustee, with a notation on the property title indicating it is part of a trust, thereby protecting the trustor's assets [1] Group 2: Case Studies - The first case involved a middle-aged woman who placed a commercial property and additional cash into a trust to generate stable cash flow for her mother's retirement, with plans to pass the property to her children [1] - The second case involved an elderly man who entrusted his only home to a trust, using rental income as supplemental retirement income, ensuring that the property would be passed on to his nephew after his passing [2] - These cases illustrate the trust's role in providing financial security and ensuring the intended transfer of assets without the risks associated with traditional inheritance processes [2]

Core Insights - The establishment of real estate trust registration in Shanghai marks a significant advancement following Beijing's earlier initiatives, with both cities showcasing different practical applications in the sector [1][2] - The Shanghai pilot program highlights a comprehensive process involving various property types and purposes, emphasizing the inclusivity of real estate trusts in wealth management and social welfare [2][3] Group 1: Real Estate Trust Registration - Shanghai's real estate trust registration was initiated by multiple regulatory bodies, indicating a coordinated effort to enhance the financial landscape [1] - The pilot program in Shanghai has resulted in the registration of both residential and commercial properties, showcasing a diverse application of trust mechanisms [2][3] Group 2: Social and Economic Implications - Real estate trusts are emerging as innovative tools for wealth management and inheritance, particularly beneficial for elderly individuals seeking to maintain property rights while ensuring financial security [4] - The integration of real estate into trust structures reflects a broader trend of addressing comprehensive financial needs within families, including elder care and wealth transfer [3][4] Group 3: Industry Trends - The trust industry is expanding its focus beyond real estate to include management of liquid assets, responding to the increasing demand for comprehensive financial services among households [5][6] - As personal wealth accumulates, the demand for diversified wealth management solutions is expected to grow, shifting from high-yield aspirations to more holistic financial strategies [7]