As early as the 192s, the trust industry appeared in Shanghai, China. However, after the founding of New China, it remained stagnant for a long time. After 1978, the trust industry was restored. Since then, the trust industry has achieved unprecedented development in profits and wealth. During this period, the country defined the trust and investment industry as "the light cavalry of the financial industry and a financial department store". Because the reform is being carried out in the groping process, there are also many problems in the development of trust and investment industry. The trust industry has undergone five major rectifications, namely, 1982, 1985, 1988, 1994 and 1999. However, looking at all previous major rectifications, except the latest one, the previous ones did not jump out of the strange circle of expansion, rectification and re-expansion.

The fifth rectification began in 1999 with the bankruptcy of Guangdong SDIC, and ended in June 22 with the bankruptcy of Economic Development, which lasted for three years. The number of trust companies in China has decreased from 239 before 1999 to dozens now, and the disorder has been effectively controlled. This rectification has solved the huge financial risks accumulated by the illegal operation of the trust industry, and more importantly, it is necessary to return the true colors of trust and investment companies as "entrusted by people and managing money on behalf of others" according to the nature of trust, so that trust and investment companies have gained a healthy development space.

In p>1998, there were almost no trust institutions in China to handle real estate trust business. However, with the end of the fifth rectification of China Trust, major trust institutions have adjusted their businesses and gradually started real estate trust business. On July 18th, 22, the first real estate trust plan-55 million yuan "Outer Ring Tunnel Project Fund Trust Plan" was sold out in Shanghai within one week. On July 29th, 22, Shanghai International Trust & Investment Corporation launched the "New Shanghai International Building Project Fund Trust Plan" and the trust products were sold by major banks. This is the first real estate fund trust product after the China trust industry reopened, with a product scale of 23 million yuan. The term of the trust plan is three years, and the amount of each trust contract is not less than RMB 5,. It is estimated that the beneficiary will get an annual rate of return of 4% (the income will be paid every year and the principal will be returned at the expiration). In September of the same year, Beijing SDIC's CBD Trust Plan became the first trust in China to invest in real estate development. By September of 23, one third of the business of more than 5 trust companies in China was related to the real estate industry. Especially under the circumstances that the 121 document of the central bank was issued and the industrial fund law was not approved, the real estate trust became a "quasi-industrial fund" for a time, which was sought after by the real estate industry and favored by most trust network companies.