According to the Financial Associated Press (Beijing, reporter Gao Ping), September trust market data is released. According to third-party data, the establishment and issuance of collective trust products continued to show a downward trend in September, with a “three consecutive declines.” The scale of issuance is less than 150 billion yuan, and the scale of establishment is less than 100 billion yuan.
Among them, the scale of establishment of real estate trusts has fallen sharply due to risk factors, nearly halving from the previous quarter; relatively speaking, the standard product trust business in the financial sector has remained relatively stable, and the scale of establishment of products has declined to a limited extent. The proportion of equity assets invested in stocks in the standard product business rose against the trend.
Industry insiders told the Cailian News Agency that tighter supervision is forcing industry transformation to add holiday factors, non-standard financing products continue to shrink, and standard product trusts are still a key area of business transformation for trust companies. In addition, regulatory tightening and rising risks have prompted the establishment of real estate products to continue to decline.
The scale of establishment of real estate trusts has fallen by more than 40%, forcing business transformation
In the context of the continuous increase in the pressure drop of financing business and the shrinking of the scale of non-standard financing products, the issuance and establishment of collective trust products continued to decline in September.
According to data from the Usuf Financial Trust Research Institute, according to incomplete statistics, the scale of collective trust products established in September was 96.651 billion yuan, a month-on-month decrease of 16.56%; the issuance scale was 147.248 billion yuan, a month-on-month decrease of 16.55%, a decline for three consecutive months.
From the perspective of product investment, the scale of the establishment of products invested in the real estate sector has declined the most, and the month-on-month decline has been further expanded compared to August. Data show that the scale of establishment of collective trust products invested in the real estate sector in August was 29.383 billion yuan, a decrease of 23.94% from the previous month; the scale of establishment in September was 16.213 billion yuan, a decrease of 44.82% from the previous month. On the contrary, the scale of establishment of products in the field of industrial and commercial enterprises increased by 50.12% from the previous month.
“Regulation tightening and rising risks are important factors that led to the decline in the scale of establishment of real estate products in September.” Yu Zhi, a researcher at the Institute of Financial Trust Research, said in an analysis.
Changes in the market environment and strict supervision are forcing the transformation of real estate trust business. Yu Zhi said that first, trust companies have begun to provide a full range of financial services around the upstream and downstream enterprises of real estate companies in the service chain; second, trust financing pays more attention to standardized product forms , Such as equity investment business and asset securitization business; thirdly, risk control measures have been strengthened, and market risks have increased, forcing trust companies to pay attention to product risk control.
Obvious fluctuations in standard trust products
In comparison, the scale of establishment of standard trust products in the financial sector has declined to a limited extent. According to data from the Usufruct Financial Trust Research Institute, the number of standard product trusts established in September was 1,470, an increase of 17.32% from the previous month; the scale of establishment was 36.327 billion yuan, a decrease of 19.14% from the previous month.
A person in the trust industry said that in the critical period of regulatory tightening and industry transformation, standard trusts are one of the important growth points of the collective trust market under the current regulatory environment. The transition period of the “new asset management regulations” is coming to an end, and the transformation to standard product business is still one of the main trends of trust companies.
What needs to be pointed out is that compared with the month-on-month increase of 8.25% in the scale of establishment of standard trust products in August, the establishment in September shows that the raising of standard trust products is not stable and the volatility is relatively large.
In this regard, Yu Zhi said that on the one hand, the underlying assets of the standard trust products are completely different from the non-standard products, and the income is mainly based on the net value. Investors’ acceptance remains to be seen; on the other hand, the product innovation of the standard trust is still In the trial stage, the lack of experience in trust companies and the lack of investment and research talents have become difficulties for business development.
In addition, from the perspective of the fund allocation of the standard product business, fixed-income assets such as bonds are still the main allocation direction of trust companies, while the proportion of equity assets such as stocks in the standard product business is showing signs of increasing. Among them, the scale of establishment of products invested in equity assets such as stocks was 6.506 billion yuan, accounting for 17.91%, an increase of 2.47 percentage points from the previous month, while the proportion of such investments in August fell by 4.27 percentage points from the previous month.