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].