2. The number of investors is limited. No more than 50 natural person investors with a trust plan of less than 3 million, and no more than 200 natural person investors with a fund subsidiary of less than 3 million.
3. Investment efficiency. Trust plans to invest in real estate projects need to be approved in advance, and fund subsidiaries do not need to approve real estate projects.
4. There are more regulatory constraints on trusts and fewer restrictions on fund subsidiaries.
5. Trust companies occupy more net capital; There is no net capital limit for fund subsidiaries at present.
6. Relying on the investment research team and experience of the parent company, the investment ability of fund subsidiaries is generally stronger than that of trust companies.
7. In practice, the current collective fund trust plan will abide by the agreement of "rigid redemption" by default; However, the special asset management plan of the fund subsidiary does not do this.
8. Large-scale trust companies have stable financing capacity; Fund subsidiaries have been established for a short time and have limited fundraising channels.