Recently, King&Capital's senior tax advisor, Ms. Gao Huiyun, partner Mr. Teng Jie, Mr. Liu Hongyu, and Mr. Rong Chen assisted in the introduction of the real estate trust registration system in Tianjin, and on the basis of which assisted in the "national first stock revitalization of real estate trust registration case - Jin Real Estate No. 1 “The first case of stock revitalization of real estate trust registration in China - Jin Real Estate No. 1”.

On September 8, 2025, the Tianjin Local Finance Bureau, Tianjin Supervision Bureau of the State Financial Supervision and Administration Bureau, Tianjin Planning and Natural Resources Bureau, Tianjin Taxation Bureau of the State Administration of Taxation, Tianjin Civil Affairs Bureau, and the Administrative Committee of the China (Tianjin) Pilot Free Trade Zone jointly issued the “Notice on Pilot Registration of Real Estate Trusts and Properties” (津金融局[2025]23号, hereinafter referred to as the “Notice”). referred to as the “Notice”).

The Notice does not stop at drawing on the experience of the four pilot trust property registries in Beijing, Shanghai, Guangzhou and Xiamen, but rather establishes and improves a standardized, refined and scenario-based real estate trust property registration operation system with more practical value, with the guidance of “higher standards, better practical operation and better adaptation to the actual situation in Tianjin”. By constructing an innovative system of “dual scenarios of holding and purchasing + application of innovative asset revitalization + dual processes of transferring in and out + multi-departmental synergy”, the Notice has for the first time in the country integrated the institutional advantages of the Pilot FTZ with the in-depth registration system of the real estate trust property with an aim to take the FTZ as a “testing ground” for pulling the financial institutions into a better position. It aims to explore the way for financial system innovation by taking the FTZ “test field” as the traction, promote the construction of Tianjin financial innovation and operation demonstration zone, and deeply promote the policy of expanding the opening-up of the service industry to realize and practice in Tianjin.

The landing of “Jin Real Estate No. 1” (hereinafter referred to as “the project”) is under the guidance and promotion of the Tianjin Local Finance Administration and other departments, the FTZ Innovation and Development Bureau, in cooperation with the Binhai New Area State-owned Assets Supervision and Administration Commission and the Binhai Sub-bureau of the Municipal Planning and Resources Bureau, has promoted the successful landing of the Northern Trust in the Pilot Free Trade Zone.

The project is also the first real estate trust registration business in China with an enterprise legal person as the principal, with the following innovations:

Innovation 1: Expanding the subjective qualifications of real estate trust principals

Innovation 2: opening up a new path for the revitalization of state-owned assets

Innovation 3: Injecting financial vitality into the stock of real estate through trust.

“Jin Real Estate 1” has successfully injected financial vitality into the stock of real estate through trust, systematically solved the dilemma of curing the value of corporate assets, effectively enhanced the allocation efficiency and operational vitality of corporate capital, and provided a strong financial foundation for corporate reform and high-quality development.

In summary, “Jin Real Estate No. 1” is not only the first practical achievement of the pilot policy of real estate trust property registration in Tianjin, but also the first case of real estate trust innovatively applied in the revitalization of stock assets of state-owned enterprises in China, which not only successfully verified the legitimacy and feasibility of the participation of corporate legal persons in real estate trusts, but also explored a “fiduciary trust” for the corporate legal persons to participate in real estate trusts. It not only successfully verified the legitimacy and feasibility of the participation of the principal of the enterprise legal person in the real estate trust, but also explored a new path of asset revitalization of “trust isolation + professional operation + financial empowerment”.