1. Why can't a trust company manage its property by selling and buying back?

A trust company is an institution entrusted with the management of trust property. If the trust property is managed and used by selling and repurchasing, it is not entrusted by the trust company.

the so-called "selling and repurchasing trust property" refers to the economic behavior that a trust company sells certain trust assets (government bonds, stocks, etc.) that can be used as repurchase transactions in the financial market according to the agreement of repurchase, and then buys them back from the counterparty at a fixed price on the maturity date. Its essence is that the counterparty finances the trust property, which belongs to borrowing funds for the trust property.

second, what do you mean by clear shares and real debts?

clear shares and real debts refer to equity investment on the surface, but in fact the investment is transformed into a creditor's right relationship with a fixed return. The main mode of clear shares and real bonds: investors invest in the form of equity, but it is agreed that they will withdraw from equity in the future and get fixed income in the form of repurchase, third-party acquisition, gambling, regular dividends, etc., instead of taking the appreciation of equity as income. First, "clear shares and real debts" came into being with practical operation, and it is not a legal concept with clear meaning. On February 13, 217, the "Regulations for the Record Management of Private Equity Management Plans of Securities and Futures Operating Institutions No.4-Private Equity Management Plans Investing in Real Estate Development Enterprises and Projects" issued by China Fund Industry Association defined "real bonds of famous stocks" for the first time in a normative sense: "The real bonds of famous stocks mentioned in this specification mean that the return on investment is not linked to the operating performance of the invested enterprise, and it is not allocated according to the investment income or loss of the enterprise. Instead, it provides investors with a promise of guaranteed income, pays investors a fixed income regularly according to the agreement, and redeems the equity or repays the principal and interest by the invested enterprise after meeting certain conditions. Common forms include repurchase, third-party acquisition, gambling, and regular dividends. " Two, from the perspective of banking supervision, "real debt" is covered in "equity financing with repurchase clause". In July 26, the Notice on Further Strengthening the Management of Real Estate Credit issued by the former CBRC (repealed) clearly regarded "investing in additional repurchase commitments" as indirect real estate loans for supervision for the first time; In October 28, the document "Notice on Strengthening the Supervision of Trust Companies' Real Estate and Securities Business" issued by the former General Office of the China Banking Regulatory Commission mentioned that it is strictly forbidden to indirectly issue real estate loans by means of additional repurchase commitments for investment, and it is strictly forbidden to issue working capital loans in disguised form by means of additional repurchase commitments for assets of real estate development enterprises. At the beginning of 217, the Monthly Statistical Table of G6 Wealth Management Business updated by the former China Banking Regulatory Commission involved "equity financing with repurchase clause", which was expressed as "a structural equity financing arrangement in which the investor signed an equity repurchase agreement with the capital demander before the capital was invested in the form of equity investment, and both parties agreed that the user of the capital promised to buy back all the equity held by the equity investor in a certain premium ratio within the specified period."

Third, there is a saying in the real estate trust: "Investing in additional repurchase commitments is regarded as indirectly issuing trust loans by the trust company". I would like to ask: investment additional repurchase

basic understanding

1, Trust companies generally set two types of capital investment by raising funds

(1) Creditor's rights investment generally refers to loans except basic risk management, and the external demand is set in accordance with the regulatory requirements set by regulatory agencies such as the Banking Regulatory Commission, and the financial institutions' loans must comply with the 432 principle, etc.

(2) Investment generally refers to the fact that the trust company must send a team to effectively fulfill the shareholders' obligations with reference to the Company and the invested company exercises the necessary management

2. The realization of the trust principal interest of the investment trust company is actually equivalent to the realization of the shareholders' rights and interests as stipulated in the Company. Since the company's operating settlement, it should be determined in advance that it can wait for the operating week to see the actual effect.

Deposit the equity of the third trust company.) Commitment to purchase is directly in conflict with the provisions of the Company.

The essence of special purchase commitment includes the obligation to promise to pay the trust company at the agreed purchase price at a specific point according to the promised price. The so-called commitment bond is to promise a certain amount at a certain point

The so-called risk control as a trust company often requires a commitment to commit to purchase and payment obligations, and the nature of the guarantee bond becomes more typical (equity) investment, and additional purchase commitment trust companies

3, At present, the name of the regulatory agency is often used to evade the relevant regulatory regulations on loans. Trust companies lack the main management ability, which is particularly practical. The identity of shareholders of trust companies often conflicts with each other, which requires a light recovery by the court. There is no shareholder's own company to operate the main company at all

for reference

4. There is a saying in real estate trusts: "Investing in additional repurchase commitments is regarded as a letter ...

It is best not to believe this

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