报告：中国信托业规模或将超过保险业

Trust companies, a major component of China＊s ※shadow financing§ sector, could soon leapfrog the mammoth insurance sector to become the country＊s second-largest industry for financial services.

信托公司是中国“影子金融体系的主要组成部分，中国信托业可能很快赶超规模庞大的保险业，跃居中国金融服务业第二的位置。

Trust companies are unique to China, and can be described as part asset manager, part bank, and part private-equity firms, funneling money from companies and high net worth individuals into a wide range of investments. They play a key role as a conduit of capital in China, particularly as businesses have been starved of credit in the last year or so, as they are less regulated than banks.

信托公司是中国所独有的，是一种既像资产管理公司又像银行和私募股权机构的实体，具体来说，就是把从企业和高净值人士那里募集到的资金拿来进行一系列广泛的投资。信托公司在中国扮演着资本管道的重要角色，特别是在过去一年左右企业难以从银行获得贷款的时期，信托公司的重要性尤其明显，因为它不像银行那样受到严格监管。

Assets under management in the trust sector sharply rose by 58.25% to 4.8 trillion yuan by the end of 2011, compared with three trillion yuan at the end of 2010, according to China Trust Association data, with the assets spread among 66 trust companies.

据中国信托业协会(China Trustee Association)统计，截至2011年底，66家中国信托公司管理的资产规模增长了58.25%，达到约人民币4.8万亿元，相比之下，2010年底的规模约为3万亿元。

Profits in the trust sector grew 47% in the same period, with much of that growth driven by an increase in fee and commission income, making up 73% of the total sector income, up from 58% the year before, ※transitioning trust companies into becoming professional third party wealth managers,§ said a report by consultancy KPMG.

2010年底至2011年底这段时间，中国信托业的利润增加了47%，其中大部分增长受到手续费和佣金收入增长的推动，这两部分收入占中国信托业总收入的73%，高于上年的58%。咨询公司毕马威(KPMG)发布的报告说，信托公司正在向专业第三方理财机构方向转型。

The sector＊s rapid growth has attracted foreign investors, with J.P. Morgan Chase & Co., Macquarie Group Ltd. and Sumitomo Mitsui Trust & Banking Co. among those who have invested in Chinese trusts.

中国信托业的快速增长吸引了大批外国投资者。摩根大通(J.P. Morgan Chase & Co.)、麦格理集团(Macquarie Group Ltd.)和三井住友信托银行(Sumitomo Mitsui Trust & Banking Co.)等均对中国信托公司进行了投资。

Real estate trusts have been especially popular with clients, according to the report, as they provide yields of up to 15%. However, these products saw a sharp slowdown in issuance at the end of 2011 due to tightening restrictions on lending to the sector by the China Banking Regulatory Commission, as China＊s real estate sector faces serious liquidity and funding issues.

毕马威的报告显示，房地产信托因高达15%的收益率尤其受到客户青睐。不过，2011年底这些产品的发行速度大幅减缓，这是由于中国房地产业面临严重的流动性和融资问题，中国银行业监督管理委员会(China Banking Regulatory Commission)因此加强了对房地产开发商的放贷限制。

Data from the China Trustee Association also showed outstanding trust financing to the property sector at the end of March was down from the end of 2011, the first ever decline since early 2010 when data first became available.

中国信托业协会的数据还显示，今年3月底房地产业的已发行信托融资规模小于2011年底，这是自2010年初首次有数据记录以来的第一次下滑。

In cases of distress, some trust companies have seized the underlying collateral of the trust and sold that to a strategic third party investor, said the report. They can also impose a forced asset sale on the developer to raise funds to meet payment obligations.

毕马威报告显示，部分信托公司曾收缴开发商的抵押品，并将其卖给第三方战略投资者。此外，信托公司还可强制拍卖开发商资产，从而让开发商获得履行其偿付义务的资金。

To diversify away from real estate, some trusts have been turning their attention to other sectors, particularly mining and commodities said KPMG, with new trusts such as Minmetals Trust, backed by China Minmetals Corp., being launched. The number of mining and commodity trust products increased 162% to 157 in 2011 on-year, according to the report.

毕马威报告显示，为摆脱对房地产的依赖，使投资多元化，一些信托公司将目光投向了其它行业，特别是采矿业和大宗商品领域。受中国五矿集团公司(China Minmetals Corp.)支持的五矿国际信托(Minmetals Trust)等新信托公司就此成立。毕马威的报告显示，2011年与采矿和大宗商品有关的信托产品数量同比大增了162%，至157个。

KPMG says trusts that are focused on the business of their parent and provide financing to that sector are ※better placed to understand the investment and credit risk in their industry.§ Another example cited by the report is Cofco Trust＊s ※pork investment§ fund, backed by state-owned commodities house Cofco Group. Bank of Montreal has a 19.99% stake in Cofco Trust.

毕马威说，主要关注其母公司业务并向该业务提供融资的信托公司能更好地理解该行业的投资和信贷风险。报告提到了中粮信托(Cofco Trust)旗下的“生猪投资信托，该信托公司受中国国有大宗商品公司中粮集团(Cofco Group)的支持。蒙特利尔银行(Bank of Montreal)持有中粮信托19.99%的股份。

However, trust companies are facing increasing competition, and not just within the industry as the number of players and products increase. China＊s financial services industry is liberalizing and offering more wealth management options, with the Shanghai Stock Exchange starting to allow companies to sell high-yield bonds this year, for example.

不过，信托公司面临的竞争日益激烈，由于参与者和信托产品的数量不断增加，这种竞争并不仅仅局限在行业内。中国金融服务业正在经历自由化的阶段，提供的理财选择也越来越多。例证之一是，上海证交所(Shanghai Stock Exchange)今年开始允许企业出售高收益债券。

KPMG adds that risk management is going to become more important for trusts, particularly as competition within the sector escalates, as well as rising cost pressures. Last year, operating costs in the sector rose by 95%, said the report.

毕马威还说，风险管理对于信托公司来说会变得日益重要，特别是在行业竞争加剧、成本压力增大的时候。毕马威报告说，中国信托业的运营成本去年增加了95%。

And Beijing could decide to turn on the taps again at any point, particularly as economic growth has slowed to its lowest level in the second quarter this year since 2010. In that case, trusts, which right now enjoy being able to choose from a ※wide range of projects to finance,§ could see a slowdown just like the rest of the Chinese economy.

北京方面随时有可能再次开启放贷闸门，尤其是在今年第二季度中国经济增速放缓至2010年来最低水平的情况下。信托公司目前还能从众多项目中轻松选择提供资金的对象，但如果中国政府开闸放贷，信托业可能也会跟中国其它经济领域一样面临增长放缓的前景。