May 20, 2020 (China Knowledge) - China Evergrande Group (3333), through its subsidiary , has closed a RMB 20.2 mln loan trust offering 8.8% interest per annum. It is structured and classified as loan trust investing in real estate. The trust is registered and issued from Guangzhou, Guangdong Province. Daye Trust acts as trustee of the product, and China Everbright Bank serves as the custodian bank.
A trust is a fiduciary relationship in which the settlor gives the trustee the right to manage and hold title to property or assets for the benefit of a beneficiary. In China, trusts have evolved to a point where they exist more for the purposes of investment than for the purposes of private asset management.
Unlike the West where trust is usually refers to family trust or real estate investment trust (REIT) the 68 trust firms in China play the roles or 'licensed' to function almost like investment bank, private equity investor, loan syndicator, project financier, asset manager, venture capitalist and possess far greater flexibility in securing asset when oﬀering loans.
As of Apr 2020, the size of the trust industry reached RMB 13 trln (USD 1.86 trln).
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