In the era when investment channels are gradually widened, trust investment is favored by middle and high-end investors with relatively high returns, but people don't know much about the collateral of trust projects and how trust companies control risks. To this end, we interviewed an industry expert and asked him to talk about the risk control of trust products for us.
investor
If you want to invest in trust products, you must first understand the attributes of the products.
"To understand how trust companies control project risks, we must first understand what projects trust companies generally push, and their respective characteristics determine the risk coefficient." Wei Lei, Manager of Risk and Compliance Management Department of Zhongyuan Trust Co., Ltd. introduced.
At present, the investment projects of most trust companies mainly include real estate trust, listed company equity pledge financing trust and securities investment trust. "Listed company equity pledge financing trust is equivalent to what we usually call private equity fund, and securities investment trust is equivalent to sunshine private equity fund." Wei Lei said. Understand the classification of trust products, and then see which aspects of project risks investors can pay attention to.
At the same time, Wei Lei also mentioned that trust products are personalized investment products, and the risks of different trust projects are different. At present, there is no independent third party to rate the risks of trust products, and trust companies generally do not rate their own trust products. However, according to the principle of "risk is proportional to income", the higher the expected income, the greater the risk.
I. Real estate trust products:
Look at the scale of real estate enterprises and the location of collateral
When encountering such products, we should first look at the credit status of borrowers and guarantors. "Especially in the context of the increasingly severe real estate regulation and control situation, the risk of capital chain break of real estate developers is increasing. Large real estate enterprises, especially listed companies, have stronger refinancing ability and capital scheduling ability, and their ability to resist risks is also strong. " Wei Lei said.
Secondly, look at the mortgage and pledge that real estate developers can provide. "General real estate project collateral can be divided into projects under construction, land or completed commercial properties. Investors should pay attention to the location of these collateral. Location is the most critical factor to determine the realization value of collateral. For commercial properties, investors can also judge the value of collateral according to their rental situation. " Wei Lei said.
At the same time, Wei Lei also suggested that some real estate trusts are guaranteed by equity pledge. For projects with equity pledge, priority is given to the equity pledge of listed companies. "Because the equity value of unlisted enterprises is difficult to judge, there is also great uncertainty in realizing it."
B equity pledge financing trust products of listed companies:
Look at the value of pledged shares
Equity pledge financing trust products of listed companies are also common projects, and their pledge is stocks. Wei Lei suggested that investors should consider the following factors when grasping the risks of such trust products.
First, pledge the fundamentals of the stock. Investors can use the research reports of securities firms to deeply analyze the development prospects of the industries where the pledged shares are located and the listed companies themselves, and judge the risks of the pledged goods.
Secondly, we should pay attention to the pledge rate. "The stock pledge price of such trust products will generally be discounted on the basis of the secondary market price. The lower the discount rate, the greater the margin of safety. "
Finally, look at the credit status of the financier. Depending on whether the financing party is a major shareholder of a listed company or a financial investor, generally speaking, the major shareholder of a listed company or its affiliated company has other repayment sources besides realizing shares in the secondary market, so the project is more secure.
C. securities investment trust products:
See whether the product design is structured or unstructured.
Securities investment products can also be bought in trust companies. "The funds of such trust products are generally invested in the secondary stock market. Compared with Public Offering of Fund, Sunshine's private placement position and the investment ratio of a single stock are more flexible. Investment consultants do not charge or charge very low fixed management fees, but participate in the sharing of excess returns, which is similar to the value orientation of investors. The scale of a single sunshine private equity product is generally small, which is more conducive to the entry and exit of funds and more flexible stock operation. " Wei Lei said.
Investors should pay attention to whether the product design is structured (Shanghai style) or unstructured (depth style) when choosing such trust products. For structured products, investors generally give priority to purchase and enjoy relatively fixed income. A few products can also enjoy part of the excess income, and their principal and income are guaranteed by inferior trust funds. If the trust products lose money as a whole, the first loss is the inferior trust funds. At the same time, this kind of products also have a stop-loss line, which guarantees the priority principal and income from the system.
In this regard, Wei Lei explained: "Ordinary natural persons are given priority, and trust companies will give priority to protecting the income of these people. Therefore, the risk borne by natural persons is much smaller, while institutional investors belong to the inferior level. Although the inferior level has to bear more losses, once the product obtains higher returns, the income of the inferior level will be more. " This also verifies that the return and risk of investment are directly proportional.
Unstructured products, similar to public funds, have higher risks and possible benefits than structured products.
trust company
The selection of projects is also based on the risk control of collateral.
Know what investors should pay attention to when choosing projects, and how trust companies operate when choosing projects? I believe that if you understand this, you should have the confidence to choose trust investment.
1. Pre-selection: Mortgaged (pledged) things are easy to realize, with high realization value, which is more conducive to taking over.
According to Wei Lei, when selecting projects, trust companies generally control risks from both counterparties and collateral, and give priority to those projects with stable operation, strong solvency, sufficient sources of first repayment, easy realization of collateral and high realization value.
"When choosing collateral, priority should be given to the completed commercial properties and the stocks of listed companies whose values are easy to judge and realize. The mortgage rate of real estate is generally controlled below 50% of the market evaluation value, and the stock pledge price of listed companies is generally controlled at about 40% of the secondary market price. " Wei Lei said.
2. Project establishment: Risk investigation and stop-loss measures are used together to maintain project safety.
After the establishment of a general trust project, the trust company will conduct risk investigation on the project regularly and irregularly, including the financing party's operation, financial status, mortgage (pledge) and so on. For listed companies' equity pledge projects, trust companies will also take the way of marking the market day by day to prevent market risks.
Once the risk signal endangering the safety of the project is found, the trust company will take emergency measures in time, such as requiring the financier to repay in advance according to the contract, applying to the court for enforcement, and taking stop-loss measures in time to maintain the safety of the project.
"Because all the project processes of the trust company are certain, they should be reported to the banking regulatory bureau. If the regulatory authorities think this project is risky, they will stop it in time. In particular, real estate trust projects now use forecasts, which also puts risks on the front line. " Wei Lei explained.
Understand the project risks, but also understand your own risk tolerance.
Having said so much about the risk control of trust investment, have you considered the investors' own risk tolerance?
In this regard, trust investment experts remind everyone that investment trust products are different from bank deposits, and they cannot promise that trust property will not be lost, nor can they guarantee the minimum income. The risks arising from the trust company's management of the trust property according to the trust plan documents shall be borne by the investors. Only when the trust company violates the trust plan documents and mishandles the trust affairs will the trust company compensate the trust property with its inherent property. If the compensation is insufficient, it shall still be borne by the investor.
In addition, the CBRC has set a certain threshold for investors in trust products, and qualified investors can invest.
1. The minimum amount invested by a natural person, legal person or other legally established organization in the trust plan shall not be less than RMB 654,380,000;
2. A natural person whose total personal or family financial assets exceed RMB 654.38+0 million at the time of subscription, and who can provide relevant property certificates;
3. A natural person whose personal income has exceeded 200,000 yuan per year in the last three years or whose total income of both husband and wife has exceeded 300,000 yuan per year in the last three years, and who can provide relevant income certificates.