东莞 The dongguan信托 trust于2011年发行房地产信托7个，规模为7.4亿元，而其在2012年发行的房地产信托升为21个，规模涨至14.4亿元。 Released in 2011 real estate trust seven,Scale for 740 million yuan,And its in 2012 issue of the real estate trust promoted to 21,Scale up to 1.44 billion yuan.

　　理财周报实习记者 黄杰/深圳报道

Financial weekly practice reporter HuangJie/shenzhen reports

　　从47款产品翻番到82款，东莞信托大跃进引人注目。而同样引人关注的是，东莞信托高企的信托报酬率，其2011年的信托报酬率为1.65%，是同业三倍。

From 47 product doubled to 82),The dongguan trust great leap forward conspicuous.And the same is compelling,The dongguan trust high trust rate of return,Its 2011 years of trust rate of return is 1.65%,Is three times the.

　　高回报大扩张之下，代价是东莞信托多个项目亦面临着巨大的风险和考验。2012年以来，东莞信托多个房地产信托项目触雷，直接考验着东莞信托。

High returns under large expansion,The price is the dongguan trust multiple projects is also facing a huge risk and test.Since 2012,The dongguan trust more real estate trust ChuLei project,Direct test with the dongguan trust.

　　产品翻番，股东忙增资14亿 Double products,Shareholders busy capital increase 1.4 billion

　　根据不完全统计，东莞信托于2012年新发行的信托产品为82款，而该公司于2011年新发行信托产品47款，2012年发行产品数量翻番。

According to incomplete statistics,The dongguan trust in 2012 the new issue of trust products for 82),And the company in 2011 new issue trust products and money,Issued in 2012, the number of product doubled.

　　2009年，东莞信托的营业收入和净利润分别为1.92亿元及1.21亿元，而在2011年，其营业收入和净利润分别涨至3.01亿元和1.65亿元。据此前媒体报道，2012年上半年，东莞信托已实现营业收入2.28亿元、净利润1.32亿元，已经快接近2011年全年水平。

In 2009,,The dongguan trust business income and net profit is 192 million yuan respectively, 121 million yuan,In 2011,Its operating income and net profit rose to respectively 301 million yuan and 165 million yuan.According to previous media reports,In the first half of 2012,The dongguan trust realized business income is 228 million yuan/Net profit of 132 million yuan,It was nearing 2011 level throughout the year.

　　在信托业的黄金发展时期，东莞信托自然不愿放弃每一个发展的契机，近年来也动作频繁。

In the golden trust industry development,The dongguan trust nature is not willing to give up every development opportunity,In recent years has also moved frequently.

　　2012年10月底，东莞信托董事会通过增资方案，其现有股东将按各自出资比例，以现金方式，对东莞信托增资总计14亿元。其中，7亿元将作为新增注册资本，7亿元作为流动资金。

The end of October 2012,The dongguan trust capital increase plan approved by the board of directors,The existing shareholders will be according to their respective proportion of capital contribution,cash,Dongguan trust capital increase to a total of 1.4 billion yuan.the,700 million yuan will be added as the registered capital,700 million yuan RMB as the liquidity.

　　“东莞信托增加注册资本，一方面是为了满足2010年7月银监会通过的《信托公司净资本管理办法》的要求，另一方面，这也有利于快速发展中的东莞信托加强自己的实力。”西南财大信托与理财研究所的分析师范杰解释称。

"The dongguan trust increase the registered capital,On the one hand is to meet the July 2010 by the CBRC[Trust company net capital management measures]requirements,On the other hand,This also is helpful for rapid development of the dongguan trust to strengthen our own strength."Southwest filthy trust and the analysis of the financial institute normal jie explanation says.

　　目前，东莞信托的增资事宜还在等待审批。而增资完成后，东莞信托的注册资本将变为12亿元，现有股东结构保持不变。

At present,The dongguan trust endowment matters still waiting for approval.And after completion of the capital,The dongguan trust the registered capital of 1.2 billion yuan will be made,Existing shareholders structure remains the same.

　

　报酬率为同业三倍背后 Rate of return for three times the behind

　　而同样引人关注的是东莞信托高企的信托报酬率。

And the same remarkable is the dongguan trust high trust rate of return.

　　中国信托业协会的统计显示，2011年末，行业的平均年化综合信托报酬率为0.55%，而东莞信托的2011年报显示，其年化信托报酬率为1.65%，是行业平均水平的三倍。

China's trust industry association statistics show,By the end of 2011,Industry average annualised comprehensive trust rate of return is 0.55%,Dongguan trust and the 2011 annual report shows,The annualised trust rate of return is 1.65%,Is three times the industry average.

　　记者统计了2011年营业排名前十的信托公司的信托报酬率情况，信托报酬率较高的有中融信托、新华信托及重庆信托，分别为1.59%、1%及0.96%，信托报酬率较低者，如中诚信托，仅为0.45%。

Reporter statistics the 2011 top ten business trust company trust rate of return situation,Trust rate of return higher have it melt in trust/Chongqing xinhua trust and trust,Were 1.59%/1% and 0.96%,Trust is the lower rate of return,Such as "chengxin,Is only 0.45%.

　　“影响信托公司信托报酬率的一大因素，是信托公司旗下主动管理型信托产品，主动管理型信托产品的管理费往往更高些，主动管理型信托产品占比越高，信托公司的信托报酬率也通常更高。”范杰解释。

"Affect trust company trust rate of return on a big factor,The trust company is its active management trust products,Active management trust product management fee often higher,Active management of the higher than trust products,Trust company trust rate of return are also higher."FanJie explain.

　　而信托报酬率为行业三倍的东莞信托，其主动管理型信托也占了其信托总数的绝大部分。

And trust rate of return for three times as much as the industry of the dongguan trust,The active management of the trust and the trust of the majority of the total.

　　根据年报，2009年至2011年，东莞信托分别新增信托产品18款、40款及66款，其中，主动管理型信托产品分别占18款、36款及66款。

According to the annual report,From 2009 to 2011,The dongguan trust are new products and trust in/And money and 66),the,Active management trust products accounted for and money/36) and 66).

　　而2009年至2011年，东莞信托管理的主动管理型信托资产分别为120.78亿元、139.12亿元和240.18亿元，分别占相应年度管理的信托总资产的99.8%、94.12%和98.8%。

And from 2009 to 2011,The dongguan trust management initiative management trust assets is 12.078 billion yuan respectively/13.912 billion yuan and 24.018 billion yuan,The management of the corresponding year accounted for 99.8% of the total assets of the trust/94.12% and 98.8%.

　　相比之下，信托报酬率较低信托公司，其主动管理型信托也占比较低。

Compared with,Trust rate of return is low trust company,The active management of the trust is relatively low.

　　记者统计了2011年营业收入排名前十的信托公司，主动管理型信托规模占信托资产比例则明显不如东莞信托。

The reporter statistics in 2011 operating income ranked in the top ten of the trust company,Active management of the trust property trust scale ratio is obvious not equal to the dongguan trust.

　　记者发现，在这十家公司里，除了江苏信托的98%之外，主动管理型信托规模占信托资产的比例大都在80%以下，比较低的有中海信托、平安信托及中信信托，分别为44%、60%及61.4%。

Reporter discovery,In the ten companies,In addition to 98% of jiangsu trust outside,Active management of the trust property trust scale the proportion of mostly under 80%,Low have the trust/Ping an trust and citic trust,Were 44%/60% and 61.4%.

　　然而，营业收入排名前十的信托公司，主动管理型信托的占比虽不及东莞信托那么高，但却也在逐年提高，正在快速地扩张其主动管理型信托。

however,Operating income ranked in the top ten of the trust company,Active management of trust are less than dongguan trust is so high,But also in increased year by year,Is rapidly expanding its active management trust.

　　数据显示，中信信托、平安信托、华润信托、重庆信托及江苏信托，其在2010年末的主动管理型信托产品规模分别为1461亿元、590亿元、556亿元、265亿元及262亿元，而到了2011年末，这一数值分别变为2456亿元、1171亿元、1002亿元、417亿元及508亿元，增长均接近100%。

Data display,Citic trust/Peace trust/Huarun trust/Chongqing trust and jiangsu trust,In the end of 2010 the active management trust product size is 146.1 billion yuan respectively/59 billion yuan/55.6 billion yuan/26.5 billion yuan and 26.2 billion yuan,By the end of 2011,The numerical respectively into 245.6 billion yuan/117.1 billion yuan/100.2 billion yuan/41.7 billion yuan and 50.8 billion yuan,Growth is close to 100%.

　　地产信托产品频频触雷 Real estate trust products ChuLei frequently

　　然而，在高速扩张的同时，东莞信托风险较高的信托项目却让人不能忽视。

however,In the rapid expansion at the same time,The dongguan trust risk high trust project has let a person cannot ignore.

　　2012年底，广东省湛江市中级人民法院发布的一份公告引起信托业关注。公告写道，该法院于2012年12月12日作出第36号民事裁定书，裁定受理包括嘉粤集团在内的34家公司重整申请并宣告其进入重整程序。

By the end of 2012,Guangdong zhanjiang city intermediate people's court issued a notice cause attention trust industry.Announcement wrote,The court on December 12, 2012, 36 to civil verdict,Rules to accept the including jia yue group, 34 companies restructuring application and declared its into the reforming process.

　　这份公告之所以受到关注，是因为东莞信托发起的两个信托计划均与嘉粤集团有关。

The announcement is attention,Because the dongguan trust launched two trust plan are fine with the guangdong group.

　　一个名为“东莞信托-恒信嘉粤集合资金信托计划”，该项目资金为5000万元至1.5亿元之间，主要用于向嘉粤集团发放“汇景豪庭”房地产开发贷款，而嘉粤集团同时提供在建工程作为抵押。

A group called"Guangdong dongguan trust - HengXin the trust plans of assembled funds",The project funds for 50 million yuan to 150 million yuan between,Mainly used to jia yue group issue"Exchange JingHaoTing"Real estate development loans,And fine cantonese group at the same time provide the project under construction as collateral.

　　另一个名为“东莞信托-恒信?嘉粤2号集合资金信托计划”，该信托成立规模为4840万元，资金投资于某房地产公司的房地产项目，但嘉粤集团以其持有的位于广州市某在建工程作抵押担保。

Another name"The dongguan trust - HengXin?Jia yue 2 trust plans of assembled funds",The trust is established scale for 48.4 million yuan,A real estate company capital investment in the real estate project,But jia yue group held by the guangzhou is located in a construction project for mortgage guarantee.

　　无独有偶，东莞信托近期成立了一款名为“恒信高富集合资金信托计划”的产品，该产品于2012年1月18日成立，同样投向于佛山某房地产项目，本预计募集资金2亿元，但20多天的推介期内，最终仅以6660万元的规模收场。

similarly,The dongguan trust recently set up a new name"HengXin GaoFu trust plans of assembled funds"products,This product in January 2012, and was established,The same to a real estate project in foshan,This is expected to raise capital of 200 million yuan,But more than twenty days of promotion period,Finally only with 66.6 million yuan scale end.

　　其实，房地产信托从2007年开始蓬勃发展，并在2011年达到峰值，但在随后的2012年却开始缩减。然而，根据万德数据显示，东莞信托于2012年开始，其房地产信托却大幅增长。

In fact,Real estate trust since 2007 vigorous development,And in 2011 peak,But in the later 2012 years have started to shrink.however,According to the vendors, data shows,The dongguan trust began in 2012,The real estate trust but sharp increase.

　　受到央行加息及银监会相关政策影响，房地产信托开始得以发展，并一直将势头延续至2011年，当年5月，银监会就已经对部分信托公司进行了关于房地产信托业务的“窗口指导”，当年9月，银监会再次发力，下发相关通知，严控房地产信托风险。

By the central bank and the banking regulatory commission related policy influence,Real estate trust began to development,And kept the momentum lasted until 2011,That may,The CBRC will have to part of the trust company for about real estate trust business"Window guidance",In September,The CBRC again hair force,Related notice issued by,Tight control of the real estate trust risk.

　　这些监管立竿见影，万德数据显示，2009年发行房地产信托95个，规模达159亿元，而到了2011年，房地产信托达到巅峰，发行了产品872个，规模为1897亿元，而2012年则迅速衰减，新发行产品555个，规模也减为1049亿元。

The immediate supervision,Wonder data display,Issued in 2009 real estate trust 95,Scale up to 15.9 billion yuan,And by 2011,Real estate trust to get to the top,Release the product 872,Scale for 189.7 billion yuan,And in 2012 the rapid attenuation,New issue 555 products,Scale is also reduced to 104.9 billion yuan.

　　而东莞信托则在2012年逆势而为，根据万得数据，东莞信托于2011年发行房地产信托7个，规模为7.4亿元，而其在2012年发行的房地产信托升为21个，规模涨至14.4亿元。

But the dongguan trust is in 2012 years gone against the general trends,According to all data,The dongguan trust released in 2011 real estate trust seven,Scale for 740 million yuan,And its in 2012 issue of the real estate trust promoted to 21,Scale up to 1.44 billion yuan.