Research On Risk Management Of Real Estate Trust's "Displaced Mortgage" Model

In recent years,as the scale of investment in the real estate industry continues to expand and the regulatory authorities continue to monitor bank loans,real estate trusts have gradually become the second largest financing channel for the real estate industry.In order to prevent overheating of land and the accumulation of risks in the real estate trust industry,on May 17,2019,the China Banking and Insurance Regulatory Commission issued Circular 23 to strengthen supervision of real estate financing.In July,the China Banking and Insurance Regulatory Commission interviewed a number of trust companies.The stricter regulatory environment places higher requirements on the risk control of the real estate trust business of the trust company.At present,the "displaced mortgage" transaction model has become the front-end financing method adopted by most trust companies,because it is not subject to regulatory restrictions.How to scientifically and effectively manage the risk of "displaced mortgage" real estate trust projects and formulate appropriate risk control measures to overcome the real estate trust business has become the focus of trust company managers.First,through reading the real estate trust operation model and risk management related literature,the main risks faced by the real estate trust are management risk,credit risk,liquidity risk and market risk.Secondly,combined with the current situation of China's real estate trust market and the regulatory environment,it analyzes the reasons for the selection of the "displaced mortgage" transaction model and the main problems that currently exist.Finally,take A Trust Plan as the research object.From the perspective of the trust company,it specifically analyzes the problems in the risk management process of the A trust plan,and use AHP to measure the impact of each risk factor.Furthermore,evaluating the risk control measures of GT trust company and studies the reference points and shortcomings.The research found that compared with other models,the misplaced mortgage transaction model has greater risks in compliance,unfulfilled fiduciary duties,misappropriation of trust funds,and legal disputes;However,the control of the above risks is highly dependent on the comprehensive strength and creditability of the financing party.G Trust's strict process management plan can effectively prevent credit risk and liquidity risk to a certain extent,but there are few risk control measures for management risk.In addition,most of the real estate trust transaction modes in my country are created by trust companies to evade supervision.In practice,credit management is still the main idea,and more attention is paid to the comprehensive strength and credit ability of the financing party,and the profitability of the project is ignored.On the basis of the above research,this article puts forward suggestions for improving the comprehensive strength evaluation ability of the financier,actively disclosing relevant information,maintaining openness and transparency to the client,clarifying the legal relationship,and strengthening the management of the "shell project" process.The trust company provides a certain reference for the risk control of the "displaced mortgage" transaction mode.