According to the Measures for the Administration of Trust and Investment Companies, the business projects that the trust industry can operate can be divided into the following categories:
(1) entrusted to operate fund trust business. That is, the trustor entrusts the trust and investment company to manage, use and dispose of the legally owned funds according to the agreed conditions and purposes.
(2) Trust business of movable property, immovable property and other property. That is, the client entrusts the trust and investment company to manage, use and dispose of its own movable property, immovable property, intellectual property and other property rights according to the agreed conditions and purposes.
(three) entrusted to engage in investment fund business permitted by laws and administrative regulations, as the initiator of investment funds or fund management companies to engage in investment fund business.
(four) to operate intermediary businesses such as asset restructuring, mergers and acquisitions, project financing, corporate wealth management and financial consulting.
(five) to undertake the underwriting business of government bonds, policy bank claims, corporate bonds and other bonds approved by the relevant departments of the State Council.
(six) the management, use and disposal of the agency property.
(7) custody business.
(8) Credit witness, credit investigation and economic consultation.
(nine) to provide security for others with inherent property.
(10) Other businesses approved by the People's Bank of China.
2. Investment scope and investment restriction investment scope
(1) The investment scope is very wide, including brokerage asset management products, fund asset management products and trust products themselves.
(2) the trust funds are used in creditor's rights, equity, property rights and other feasible ways.
(3) Management mode: investment restrictions such as investment, sale, interbank deposit, repurchase, lease and loan.
(4) The trust property shall not be managed and used through sale or repurchase.
(5) Restrictions on cooperative products of banks (see above)
(six) shall not issue liquidity loans and land reserve loans to real estate enterprises;
(7) No guarantee shall be provided to others;
(8) Providing loans to others shall not exceed 30% of the paid-in balance of all trust plans managed by them;
(9) Trust funds shall not be directly or indirectly used for the shareholders of the trust company and their affiliates, except that all trust funds come from shareholders and their affiliates;
(10) It is forbidden to trade inherent property with trust property;
(1 1) Different trust properties shall not be traded with each other;
(12) Different trust plans managed by the same company shall not be invested in the same project;
(13) If the beneficial right of collective trust is divided and transferred, the transferee shall not be a natural person; The beneficial right of a trust held by an institution shall not be transferred to a natural person or divided.
3. Trust classification
3. 1 fund classification: single trust, collective trust,
3.2 Project end classification
3.2. 1 Creditor's Rights Trust Loan
3.2.2 Equity category-real equity category, name stock, real debt.
3.2.3 Types of usufructuary right-general usufructuary right and structural usufructuary right
3.3 Split Transfer of Structured Trust and Trust Income Right
3.3. 1 Notice on Strengthening the Supervision of Trust Company's Structured Trust Business (Yin Jian Tong [2010] No.2) "Structured Trust Business refers to the hierarchical allocation of trust beneficiary rights by trust companies according to investors' different risk preferences, and the income distribution in hierarchical allocation is arranged according to priority and inferior level, so that investors with different risk-taking abilities and willingness can obtain different income through different levels of investment.
3.3.2 Where the beneficial right of collective trust is transferred by division, the transferee shall not be a natural person; The beneficial right of a trust held by an institution shall not be transferred to a natural person or divided.
Purpose of restriction: to prevent the beneficial right of trust from being transferred to people other than qualified investors.
3.4 Trust Plan Product Case-Taking CITIC Trust Product as an example
3.4. 1 CITIC Trust-CITIC Ronghui No.4 Shaanxi Evergrande Huafu Loan Collective Fund Trust Plan-Creditor's Rights Trust Loan
Product structure of trust project
The trust beneficiary rights of this trust plan are divided into Class A, Class B and Class C (contingent), and there is no hierarchy. All types can be raised by stages, with a total amount not exceeding 500 million yuan and a term of 65,438+08 months. In this issue, priority is given to the beneficiary right of Class A trust, with the raised amount of about 300 million yuan and the term of 65,438+02 months.
Trust income distribution model
The bookkeeping date of a certain type of priority trust beneficial right in a certain period is the expected termination date of the priority trust beneficial right in that period. Any day within 10 working days from the bookkeeping date is the trust benefit issuance date.
Capital utilization mode
After the subscription funds of priority trust beneficiary rights are delivered to Linfen Amethyst Real Estate Development Co., Ltd., they will be used for the development and construction of Linfen Evergrande Huafu Project.
Trust plan
The client entrusts his legally owned funds to the trustee to set up a fund trust plan, and the trustee issues a loan to Linfen Capital Real Estate Development Co., Ltd. in the form of a trust loan, the loan amount does not exceed 500 million yuan, and the loan funds are used to pay the project price of Linfen Evergrande Huafu Project.
safeguard measure
1. Evergrande Real Estate Group Co., Ltd. provides joint liability guarantee for this trust loan.
2. Evergrande Real Estate (03333.HK) provides joint liability guarantee for this trust loan.
3. 50% of the sales rebate of Linfen Evergrande Huafu shall be included in the supervision account;
4. Taiyuan Junheng Company provides joint liability guarantee for this trust loan;
5. Taiyuan Du Ming Real Estate Development Company 100% equity provides pledge guarantee for this trust loan.
information disclosure
During the existence of this trust plan, the trustee shall make a trust affairs management report every quarter, and disclose the information through CITIC Financial Network within 10 working days after the end of each quarter from the date of establishment of the trust plan.
3.4.2 CITIC? Jiayuan Split Listing Reorganization Collective Fund Trust Plan (C3 Phase)-Creditor's Rights Trust Loan
Product structure of trust project:
This trust plan was established on July 28, 2005+2065438. Trust beneficiary rights are divided into four categories: A, B, C and D, which can be raised by stages, and the amount raised does not exceed 3 million yuan. Among them, the beneficial right of Class A trust was raised on July 28th, 20 15, and the raised trust principal was RMB 800 million, which was subscribed in cash. The beneficial right of Class B trust was raised on July 29th, 20 15, and the trust principal was RMB 500 million, which was subscribed in cash. C 1 The beneficial right of the trust was raised on July 30th, 20 15, and the trust principal was RMB 203 million, which was subscribed in cash. Beneficial right of C2 Trust was raised on August 20 15 10, and the trust principal was RMB 398.2 million, which was subscribed in cash. Beneficial right of C3 Trust is issued this time.
Trust period: it is estimated that it will not exceed 26 months, in which the beneficial right of Class C trust is expected to terminate at the same time on July 30, 2007.
Distribution of trust benefits:
Bookkeeping date of trust benefit of 1 The beneficiary right of C3 trust is 65438+ February 5 of each natural year from the establishment date of the trust project to the termination date of the beneficiary right of C trust. During the existence of the trust plan, if the payer repays part of the trust principal and corresponding interest in advance, the trustee has the right to take the prepayment date as the temporary trust interest accounting date and distribute the part of the trust principal and corresponding income to the beneficiaries in advance.
2. Any day after each accounting day 10 working days, after paying the trust fees payable, distribute the corresponding trust benefits to the trust beneficiaries.
Trust project plan:
This trust plan is that the trustor entrusts his legally owned funds to the trustee based on his trust in the trustee, and the trustee uses the trust funds in his own name for the benefit of the beneficiary according to the wishes of the trustor. The funds raised in this trust plan will be used to issue trust loans to Nanjing Xinhaoning Real Estate Development Co., Ltd., and the loan funds will be specially used for:
1. Zhejiang Jiayuan Real Estate Group Co., Ltd. (top 50 real estate enterprises in China, ranked 44th in the latest issue) reorganized the project company in Jiangsu before listing, paid the transaction consideration and cleared the current payment;
2. Debt restructuring due to the need of listing and obtaining collateral;
3. Project development and construction.
Safeguard measures:
1, Nanjing Zijin Huafu project under construction and state-owned land use right, Taixing Venice project existing house and state-owned land use right, Taixing Xintiandi project state-owned land use right provide mortgage guarantee, and the principal and interest mortgage rate shall not exceed 50%;
2. Zhejiang Jiayuan Real Estate Group Co., Ltd. (one of the top 50 real estate enterprises in China), the actual controller Shen Yuxing and the domestic restructuring entity to be listed provide joint liability guarantee;
Information disclosure:
During the duration of this trust project, the trustee shall prepare the trust affairs management report every quarter and disclose the information through CITIC Trust official website within 15 working days from the establishment date of the trust project every three months.
3.4.3 CITIC Trust-Shijiazhuang Linda Chung Equity Investment Collective Trust Plan-Physical Equity.
Product structure of trust plan:
The total scale of this trust plan is 455.5 million yuan, with a hierarchical structure, in which 300 million yuan is raised as priority funds, 50 million yuan as intermediate funds and 65.438+0.055 million yuan as equity subscription. The trust period is 24 months, which can be terminated early after 12 months; The priority beneficiary right of the trust plan is publicly sold, and the expected rate of return is fixed+floating, of which: the fixed part, the subscription amount is less than 3 million yuan (excluding) and 654.38+00.5%/year, 3 million yuan (including) ~ 6 million yuan (excluding) and 6 million yuan.
Trust period: the trust period is 24 months, which can be terminated early after 12 months.
Mode of fund use:
All the funds raised in this trust plan are invested in the equity of Shijiazhuang Linda Chung Real Estate Development Co., Ltd. for the development and construction of the "Yulong Bay" project in Shijiazhuang.
Brief introduction of trust plan scheme:
The Trust plans to raise RMB 350 million by way of capital increase for equity investment in Linda Chung Real Estate Development Company in Shijiazhuang, Hebei. Linda Chung is a subsidiary of Hebei Tianyang Taifu Group, engaged in real estate development. This capital increase will be used for the supplementary land transfer fee of Yulong Bay project and the development and construction of residential projects. After the capital increase, CITIC Trust holds 90% of the shares of Linda Chung, achieving absolute control. This project belongs to the old city reconstruction project supported by the policy of "retreat two into three" implemented by Shijiazhuang to encourage polluting enterprises in the city to move out. According to the planning points approved by the government department of Shijiazhuang, the plot will be used for commercial development such as houses, office buildings and affordable housing in the future, with an estimated total construction area of 440,000 square meters. The trust plan will be withdrawn through dividends and equity transfer.
Safeguard measures:
1. Land use right mortgage and company equity pledge. According to dtz's assessment, the total value of the above collateral is about 974 million yuan, and the initial mortgage rate is 43%.
2. Guarantee: the parent company Tianyang Taifu Group Company provides the trust principal and income guarantee, and the actual controller provides the personal joint liability guarantee.
3. Tianyang Taifu holds 0/0% equity of Linda Chung/KLOC.
Information disclosure:
During the existence of this trust plan, the trustee shall make a trust affairs management report every quarter, and disclose the information through CITIC Financial Network within 10 working days after the end of each quarter from the date of establishment of the trust plan.
3.4.4 Wanda Commercial Real Estate Development Fund I Equity Investment Collective Fund Trust Plan-Real Debt of Famous Shares
Expected annualized income: 6.30% Issuer: CITIC Trust.
Trust classification: equity category
Income statement: the expected annual fixed rate of return of trust beneficiary rights with subscription amount below 3 million yuan (excluding) is 6.3%;
The expected annual fixed rate of return for trust beneficiary rights with subscription amount above RMB 3 million (inclusive) is 7.0%.
Investment Description: Dalian Wanda Commercial Real Estate Co., Ltd. acquired 49% equity of Changsha Kaifu wanda plaza Investment Co., Ltd., and Dalian Wanda Commercial Real Estate Co., Ltd. promised to buy back, and pledged 565,438+0% equity of Changsha Kaifu wanda plaza Investment Co., Ltd. to our company as a guarantee for its repurchase and payment obligations. Dalian Wanda Group Co., Ltd. also provided joint liability guarantee.
Risk control measures: Dalian Wanda Commercial Real Estate Co., Ltd. promises to buy back and pledge 5 1% equity of Changsha Kaifu wanda plaza Investment Co., Ltd. to our company as a guarantee to fulfill its repurchase and payment obligations, and Dalian Wanda Group Co., Ltd. also provides joint liability guarantee.
3.4.5 CITIC Taohuayuanju Specific Assets Income Right Investment Collective Fund-Income Right General Benefit Right Trust Plan
Product structure of trust plan:
Citic Taohuayuanju Investment Collective Fund Trust Plan with specific asset income right, with an issuance scale of 200 million yuan. The trust period is 2 years, from the date of establishment of the trust plan to the end of18th month. The expected rate of return is 10.5%/ year-13.0%/ year. After the establishment of the trust plan18th month, the expected rate of return is13.0.
How to use the funds: The trustee will collectively use the funds in the trust plan and sign the Investment Agreement on the Specific Assets Income Right of Taohuayuanju Project (hereinafter referred to as the Investment Agreement) and the corresponding guarantee documents with Yunnan Taoyuan Real Estate Development Co., Ltd. (hereinafter referred to as "Taoyuan Real Estate") in his own name. The funds raised in the trust plan will be invested in the specific assets income right of Taohuayuanju Project owned by Taoyuan Real Estate.
Brief introduction of trust plan: Taohuayuanju project is located in Huaguoshan, Majieshang Village, Xishan District, one of the main urban areas of Kunming, Yunnan Province. It is a low-density residential project in the central area of the city, covering an area of 88,786 square meters, with a plot ratio of less than 1. 1, mainly consisting of garden houses, stacked villas and townhouses. The project is adjacent to Kunming Zhu Bao Ecological Park, and some houses overlook Dianchi Lake. The main repayment source of this trust plan is the expected sales income of specific assets during the trust period.
Safeguard measures:
1. Land mortgage: Taoyuan House has mortgaged the land of Taohuayuanju project to CITIC Trust. The land has been appraised by Beijing Zhongqihua Real Estate Appraisal Co., Ltd. with a value of 508 million yuan, and the mortgage rate of investment principal is less than 40%;
2. Equity pledge: Chen Guilin, Yin Yong and Wang Liping, shareholders of Taoyuan House, pledged 65,438+000% equity of Taoyuan House to CITIC Trust;
3. Joint and several liability guarantee for all shareholders: All shareholders of Taoyuan House Industry provide personal joint and several liability guarantee;
4. CITIC Trust sends directors to Taoyuan real estate industry to participate in daily operation and management.
Information disclosure:
During the existence of this trust plan, the trustee shall make a trust affairs management report every quarter, and disclose the information through CITIC Financial Network within 10 working days after the end of each quarter from the date of establishment of the trust plan.