Why do real estate trusts have the principle of "432"?

Notice of the General Office of China Banking Regulatory Commission [2065438+00] No.343 on risk warning of trust companies' real estate trust business, in which Article 1 requires all trust companies to immediately carry out self-inspection on compliance risk of real estate trust business.

Analyze the business compliance and risks one by one, including whether the real estate development project granted by the trust company meets the conditions of "four certificates", whether the developer or its controlling shareholder has the second-class qualification, and whether the project capital ratio meets the minimum requirements of the state;

Adequacy and reliability evaluation of the first repayment source; The situation and evaluation of mortgage, pledge and other guarantee measures; Assessment of the project's due solvency and risk disposal scheme.

From this, we can see whether the real estate development project awarded by the trust company meets the conditions of "four certificates", whether the developer or its controlling shareholder has the second-class qualification, and whether the project capital ratio meets the minimum requirements of the state.

At that time, the CBRC also requested to control the total amount and conduct a "thorough investigation" of the real estate trust business, and issued a risk monitoring form for the real estate trust business, reaffirming the "prior approval" system. This is the origin of 432.

Notice of the General Office of China Banking Regulatory Commission [2065438+00] No.343 on risk warning of trust companies' real estate trust business, in which Article 1 requires all trust companies to immediately carry out self-inspection on compliance risk of real estate trust business.

Analyze the business compliance and risks one by one, including whether the real estate development project granted by the trust company meets the conditions of "four certificates", whether the developer or its controlling shareholder has the second-class qualification, and whether the project capital ratio meets the minimum requirements of the state;

Adequacy and reliability evaluation of the first repayment source; The situation and evaluation of mortgage, pledge and other guarantee measures; Assessment of the project's due solvency and risk disposal scheme.

From this, we can see whether the real estate development project awarded by the trust company meets the conditions of "four certificates", whether the developer or its controlling shareholder has the second-class qualification, and whether the project capital ratio meets the minimum requirements of the state.

"4" means that when the trust project is issued, the project needs to ensure that at least four certificates are complete: state-owned land use certificate, construction land planning permit, construction project planning permit and housing construction permit;

"3" means that at least 30% of the total funds of real estate projects must come from financing parties;

"2" means that the financier of a real estate project has at least two or more development qualifications;

Complete four certificates are the unified regulations, basic conditions and hard conditions of the state for housing loans.

30% of self-owned funds are the regulations, basic conditions and hard conditions of banking regulatory agencies.

The second-level qualification is the bottom line requirement of bank risk control, which ensures that the engineering quality of loan investment projects will not have a high probability of risk events that endanger the safety of bank credit assets.

General logic runs through the basic principles of credit management security. After years of experience and lessons in bank loan management, it has risen to the rules and regulations of departments and banks, which can stand the test and cannot be violated.

Extended data:

Real estate trust has two meanings:

1. refers to the fact that the legal or contractual owner of real estate entrusts the real estate to a trust company, and the trust company manages, disposes and gains according to the requirements of the trustor. Trust companies let investors get a premium or management income by renting or selling trust real estate or entrusting professional property management companies to manage the property.

Because this trust method of real estate can take care of the interests of real estate clients, trust companies and investment beneficiaries, and under the current conditions that the Trust Law has been promulgated and implemented, once it is promulgated, it will have strong vitality and be welcomed by all parties.

The second is real estate fund trust, that is, the trustor entrusts the legally owned funds to the trust and investment company based on his trust in the trust and investment company, and the trust and investment company invests the funds in the real estate industry and manages and disposes them in his own name according to the wishes of the trustor for the benefit of the beneficiary or for a specific purpose. This is also a widely used real estate financing method in China.

Compared with political trust, listed company trust and industrial and commercial loan trust, generally speaking, the income of real estate trust is about 0.5%~ 1% higher than that of other trusts in the same period;

The contents of real estate trust business can be divided into:

1. Entrusted business, such as real estate trust deposit, real estate trust loan, real estate trust investment, real estate entrusted loan, etc. ;

2. Agency business, such as issuing stocks and bonds, clearing debts and designing houses;

3. Financial leasing, consulting, guarantee and other businesses.

Compared with bank loans, real estate trust plan financing has the advantages of reducing the overall financing cost of real estate development enterprises, flexible and convenient fund raising and flexible interest rate adjustment.

Due to the particularity and flexibility of the trust system, as well as the unique functions of property isolation and right reconstruction, financial innovation can be carried out in the form of property rights, income rights and preemptive rights, making it one of the best financing methods.

Common types of real estate trust:

The first is the oldest loan trust. That is, trust companies invest and raise funds, and then issue trust loans to real estate enterprises. The real estate developer pays interest and returns the principal to the trust company according to the agreement, and the trust company then distributes the trust income and principal to investors.

Secondly, equity trust is a kind of trust business, which usually plans to buy a certain proportion of equity in real estate enterprises, thus providing them with development and construction funds.

Equity trusts usually have a repurchase clause, that is, after the agreed period, the parent company or other agreed repurchasers repurchase the project at the agreed price, and the trust company distributes the principal and interest to the trust plan subscribers after receiving the repurchase money.

The third category is equity trust. Usually refers to the trust business operated by real estate enterprises with their property rights as trust property. In the property right trust, the financing real estate agent, as the principal, divides the property right into small shares and transfers them to qualified investors to obtain financing.

The general process of this kind of trust is that the trust company signs the equity transfer contract with the real estate agent, and the trust company receives the equity; At the same time, a trust plan is set up to raise funds from investors, and investors subscribe for trust shares.

Subsequently, the financing party repurchased the rights and interests, and the trust funds were withdrawn. Compared with the first two, this kind of trust is more suitable for the operation mode of net worth. However, due to the limited market acceptance, most of them still have repurchase agreements, so they are actually fixed income. It's too far from the point to expand here.

The last category is the current hot fund trust model. Fund-based real estate trusts mainly invest in the real estate industry. It is a form of trust operation that manages multiple real estate projects at the same time through the use of equity, creditor's rights, property holding, reorganization of non-performing real estate projects and other forms of funds.

Trust companies can cooperate with professional private real estate fund institutions or large real estate development enterprises to achieve strong alliance, give full play to their respective advantages, and realize the full-cycle and all-round operation of real estate projects.

Peking University Legal Information Network-Notice on Risk Warning of Trust Company's Real Estate Trust Business