“资管新规”下房地产信托实务的规范发展

Standardized Development of Real Estate Trust Practice under the New Regulations of Asset Management

2018年'资管新规'发布后,金融主管部门对于房地产金融市场的监管和调控力度加强,房地产信托作为一类非标化金融投资项目,如何在此背景下继续有条不紊地蓄力发展,已成为新规发布后理论界和实务界,尤其是信托金融机构、房地产开发企业以及相关投资者十分关切的问题。通过对'资管新规'法律文本的规范性分析,就近些年房地产信托领域出现的收益权投资,刚性兑付以及通道业务等典型实践操作的合法合规性判断问题进行了剖析和研究,以期为房地产信托在'资管新规'施行后继续顺利、规范运营提供有益参考和指引。

After the promulgation of the new regulations on asset management in 2018,the financial authorities have strengthened their supervision and control over the real estate financial market.How real estate trust,as a non-standard financial investment project,can continue to develop orderly and energetically under this background has become the issue about which the theoretical and practical circles,especially the trust finance institutions,real estate development enterprises and related investors are very concerned.Based on the normative analysis of the legal text of'New Regulations on Asset Management',the author makes an analysis and study on the judgment of legitimacy and compliance of typical practical problems in the field of real estate trust in recent years,such as investment in earnings rights,rigid payment and channel business,hoping to provide useful advice and guidance for the real estate trust industry under the implementation of the new regulation.