Imagine walking into two restaurants that both have "steakhouse" signs hanging on them.
The first one, on the street corner of a small European town, had a green bronze plaque at the entrance, indicating that it had been open since 1788.
You walk in, the lights are dim, and the waiter is an old man with white hair. He won't promote any "today's special offer" to you, he will only slowly ask you how much mature fillet you want, whether it goes with red wine sauce or black pepper sauce.
The steak you ordered is served, the plate is warm, and the texture of the meat is clear and visible. When cut open, the juice slowly seeps out.
You're eating a piece of meat, but it's not just a piece of meat.
What you are eating is the reputation of this restaurant for hundreds of years, a whole set of rules that have been passed down for more than ten generations, from raising cattle, selecting meat, removing sourness, maturing to frying and grilling.
The purpose of this steak is not to make you exclaim "wow" and feel stimulated, but to make you feel safe and comfortable after eating it, feel that the money is worth it, and that you will come back next time.
Its core values are "inheritance" and "protection".
The second one is located in a newly developed commercial area, with neon lights flashing and the loudspeaker at the entrance repeatedly playing "buy one get one free for all steaks".
You walk in, the lights are shining brightly, and the young waiter warmly recommends their latest "Flame Grilled Tomahawk Steak" to you, 399 yuan per serving. Taking a photo and posting it on social media can also give you a glass of "Internet celebrity sparkling water" as a gift.
The steak is coming, sizzling and topped with thick sauce, with a strong aroma.
You can't wait to cut it open, only to find that the meat is a bit loose, the taste is a bit dry, and you can even taste a bit of tender meat powder.
You ask the waiter, where is this beef from?
He smiled and said, 'Exclusive secret recipe, imported channel.'.
In fact, this "steak" may be a "synthetic steak" made by splicing several pieces of minced meat together, bonding them with edible glue, and then heavily marinating and seasoning them.
Its sole purpose is to extract money from your pocket in the shortest possible time, using the most stimulating sensory experience.
As for whether you come next time or not, the boss doesn't care. Because of this commercial district, there is never a shortage of young people seeking novelty.
Its core values are "harvesting" and "monetization".
Alright, the story is over.
Now let's replace 'steakhouse' with 'trust'.
The foreign letter of trust refers to that century old shop.
Chinese trusts are often the internet famous "synthetic steakhouse".
They are both called 'trusts', just like those two restaurants are called' steakhouses'.
But fundamentally, genetically, from the moment they were created, they are not the same thing at all.
You think you're buying a 'family safe' that can be passed down to your grandson, but in reality, you're buying a 'wealth management product' tied to a time bomb.
You think you're giving money to a loyal 'butler', but in reality, you're just throwing the money into a high-speed 'capital grinder'.
No problem, hello, hello everyone. Enjoy the annual "dividends".
When something goes wrong, it's like a 'thunderstorm', and it's like losing everything.
Why is that?
Because these two solve completely different problems.
Is the surname 'Tuo' or 'Tou'?
We need to first understand what trust was originally used for.
Imagine medieval Europe, where a Count named "Edward" had to go to war with the king and join the Crusades.
This way, nine lives will be lost.
There is a large piece of land, a castle, a minor son, and a young wife at home.
What is he most afraid of?
I'm not afraid of dying on the battlefield, but rather afraid that after I die, my family property will be taken away by the king or swallowed up by relatives who are eyeing me, and my wife and children will be stranded on the streets.
What should I do?
He found his most trusted friend, a knight named 'William', and said to him:
Brother, I have 'entrusted' my land, castle, and all my property to you. In name, these things are now yours. But you have to swear that you are only 'managing' them for me. If I cannot come back, you will slowly hand over these properties to my son according to my requirements, ensuring that he can grow up and inherit the family business
In order to ensure that William would not change his mind, they also found a priest from the church to testify and signed a contract.
This is the most primitive trust.
What is the core of this structure?
It is' isolation 'and' protection '.
Count Edward transferred ownership of the property to Knight William.
In this way, even if the count dies, the king cannot say 'this is unclaimed property' and nationalize it.
Even if relatives want to rob, legally the property belongs to William and cannot be taken away.
Even if the Count owes a debt outside, the creditor cannot recover this property because it no longer belongs to the Count.
The property was perfectly 'isolated' and placed in a safe.
And Knight William, this' trustee ', his primary task is not to increase the value of these lands, nor to use the castle for tourism development to make money.
His task is to 'hold on'.
It is strictly in accordance with the "will" of Count Edward, to safely and completely inherit the property.
If he dares to sell his land and indulge in his own pleasures, not only will he violate the contract, but he will also be despised by the entire aristocratic circle and be ruined.
In this cultural and legal environment, 'loyalty' is the most valuable asset of a trustee.
Over hundreds of years, this gameplay has been continuously improved, forming modern family trusts.
Its essence has never changed.
It is a defensive tool.
It is the "golden bell cover" and "iron cloth shirt" used by the wealthy to fight against time, risks, their own spendthrifts, and government taxation.
So, foreign trusts, especially those family trusts that can be passed down for several generations, have never had the primary goal of "high returns".
But rather 'the principal is absolutely safe'.
If you put 100 million dollars into it, the trust company may buy US treasury bond bonds, Coca Cola shares, and real estate in the core area.
These things may yield a return of 2% -3% in a year.
Can't we beat inflation?
Never mind.
What the wealthy want is that in 100 years, this $100 million will still exist, and they can still give pocket money to their great grandchildren according to their wishes.
Instead of earning 20% this year, losing 50% next year, and ultimately losing all principal.
So, the "butler" (trust company) they hired is like that white haired old waiter, steady, reliable, and trustworthy.
The rules of the entire game are based on the word 'guardian'.
Now, let's take a look at trusts in China.
The soil from which it was born is completely different.
We do not have aristocrats for hundreds of years, nor do we have assets that need to be 'guarded' for several generations.
What do we have?
It is a large number of "new money" that has seized the opportunities of the times and quickly become rich in the past forty years.
What is the mentality of these people?
It's' fighting '.
It's' fast '.
It is' high-yield '.
You told a boss who depended on real estate, coal mines and Internet dividends to make a fortune, I will give you a financial product with an annual rate of 3%, which can ensure that your grandson has money to spend.
He will think you are sick.
3%? My savings in the bank are higher than yours! I can easily transfer a house, and it's more than 30% in a year
Their demand is not 'defense', but 'attack'.
I hope that the money in my hand can continue to appreciate rapidly like in the past.
Where there is demand, there is supply.
Chinese trust companies, from the moment they were born, were not meant to be "old butlers".
It is a "financial instrument" that emerged to meet the desire for "high-speed appreciation".
It does not solve the problem of 'property inheritance'.
It solves the problem of 'financing'.
what do you mean?
for instance.
A real estate developer wants to acquire a piece of land and build a property in a third tier city.
He calculated that he needed 1 billion.
But he only has 200 million himself.
Who can I borrow the remaining 800 million from?
Looking for a bank?
The bank said that the country has policies to strictly control loans for real estate, and since the risk of your project is too high, we will not lend.
The developer was hit hard.
At this moment, the trust company made its debut.
The trust company said to the developer, "Brother, don't worry. The bank won't lend you, I'll lend you
The developer exclaimed, "Really? How much is the interest
The trust company said, "The interest is negotiable, with an annualized rate of 15%. But you have to mortgage your land and company equity to me
The developer gritted their teeth and closed the deal!
Now the question is, where did the trust company get the 800 million yuan to lend to the developer?
It doesn't have any money either.
Its money comes from you, from countless investors like you who have some idle money and want to pursue high returns.
The trust company will package these 800 million 'debt' into a 'trust product'.
It will tell you:
Hello sir, we have a trust product that is invested in a key infrastructure project in a certain city (which is actually that real estate project). It has a government background and is safe and reliable. The initial investment amount is 1 million yuan, the term is two years, and the expected annualized yield is 8%
Upon hearing this, you were moved.
Bank wealth management accounts for only 3%, and P2P investors dare not invest. This trust has a license, sounds high-end, and the yield is so tempting.
So, you took out 1 million, and the neighbor Lao Wang took out 2 million. A group of people gathered 800 million and handed it over to the trust company.
The trust company lent the 800 million yuan to the developer at a 15% interest rate.
Look at this chain:
You (investor) contribute money and earn 8% interest.
Trust companies (channels) can lend with your money and earn a 7% interest rate spread (15% -8%).
The developer (financing party) receives the money and goes to build the building.
This is a situation that appears to be a 'three win' situation.
But you haven't noticed, what is the essence of this product?
It is a 'non-standard debt'.
Simply put, it's' high interest loans'.
The role played by the trust company here is not at all a 'trustee', not the loyal 'Knight William'.
It is a 'financial intermediary' and a 'shadow bank'.
It collects the money of countless retail investors, forming a huge "fund pool", and then directs the water in this pool to the places where money is most scarce and risks are highest.
What it sells to you is not a 'safe' at all.
What it sells to you is a "promissory note" and a "right of return certificate".
What you are buying is the developer's' hope 'that they can repay the principal and interest on time.
So, to keep playing this game, there is only one prerequisite:
The developer's building can be sold and make money.
A few years ago, when the real estate market was booming, this game was thriving.
Developers receive money, acquire land at a high price, quickly build houses, and when housing prices rise, there is no need to worry about selling houses.
After receiving the payment, not to mention the 15% interest, even if it's 30% interest, he can still afford it.
So, trust products became synonymous with "rigid redemption".
Everyone thinks that buying a trust is like depositing money in a bank, with a guaranteed profit.
But is this true?
This is just an illusion built on the beach.
Only when the tide recedes do we know who is swimming naked.
What has happened in the past two years?
The real estate market has cooled down.
The house is unsold.
The developer's funding chain has been broken.
He couldn't repay the 800 million he borrowed back then.
Not to mention the interest, I can't even repay the principal.
At this moment, the dominoes began to collapse.
The developer has breached the contract.
Trust company, dumbfounded. It's just a channel, I don't have the money to pay for it myself.
It can only tell you: "Dear investor, the underlying assets of the trust product you invested in are at risk and cannot be redeemed on time in this period
This is' Thunderstorm '.
You got angry and went to the trust company to make a fuss.
You said, "Didn't we agree on guaranteed principal and interest? Didn't we agree on safety and reliability
The client manager of the trust company, spread his hands and took out a contract that you had signed earlier.
On the contract, in the smallest font, there is a line of text that reads:
Investment carries risks, and caution is required when entering the market. This product does not promise to break even, and expected returns do not equal actual returns
When you signed, your eyes were only focused on the big "8%" and you didn't even look at these small words.
You said, "Didn't the developer mortgage the land and equity? Go ahead and auction it off
The trust company said, "We are going through legal proceedings. However, in the current market situation, the land cannot be sold, and the equity is worthless. Even if it is sold, priority must be given to repaying the bank loan, and the rest will be our turn
You are completely hopeless.
Your 1 million may eventually be able to get back 200000, even if you burn high incense.
Do you understand now?
The 'trust' you bought was never meant to 'protect' your property from beginning to end.
It is an 'investment' tool and a high-risk investment.
Its surname is' Tou ', not' Tuo '.
It has nothing to do with foreign family trusts, except for the word 'trust' in their names.
Just like "synthetic steak" and "fillet steak", although both are called steak, one is industrial waste and the other is top-quality ingredients.
Who can blame you for expecting to buy top-quality ingredients, eating industrial waste, and eventually vomiting and diarrhea?
I can only blame the scammer who hung the "steakhouse" sign, and also blame myself for being blinded by the tempting aroma and cheap price.
Rules determine the outcome
Some people may ask, why can't Chinese trust companies honestly serve as "old butlers"?
Why do we have to do this kind of 'pimping' business?
Because the environment does not allow it, genes determine it.
Firstly, the teeth of the law are not sharp enough.
In common law countries, the fiduciary duty of a trustee is ingrained in their bones.
If you, as a trustee, fail to fulfill your diligent and responsible obligations and cause a loss to the principal's money, even if it is not intentional, the principal can sue you and sue you until you are bankrupt.
If you dare to collude with others and put trust assets into your own pocket, it is a serious crime and will be punished thoroughly.
The deterrent power of the law is like the sword of Damocles hanging overhead, forcing trust companies to prioritize the interests of their clients.
And here, although trust law also exists, its implementation often involves lifting it high and gently lowering it.
The punishment for trust companies' illegal operations is often three glasses of alcohol.
Thunderstorm! If possible, change your vest and start over from scratch.
The cost of breaking the law is too low, and the motivation to abide by the law is naturally insufficient.
Secondly, customer needs determine the market.
As mentioned earlier, the majority of wealthy people in China are still the 'rich generation'.
Their anxiety about wealth is not about 'how to pass it on', but about 'how to increase it faster'.
This widespread "wealth anxiety" and "desire for growth" have given rise to a huge demand market for "high-yield, just redeemed" products.
Trust companies simply meet this demand.
If it honestly launches an annualized 3% inheritance trust, no one will buy it at all.
The neighboring company has launched a real estate trust with an annualized rate of 8%, which has been sold out.
You are the owner of a trust company, how do you choose?
Is it starving or enduring death?
Most people choose the latter.
So, it's not that trust companies have gone bad, it's that this market has gone wrong from the beginning.
Thirdly, the overall background of the economic structure.
What has been the basis for China's rapid economic development in the past decade?
It is driven by investment.
Especially in real estate and local infrastructure.
These two industries are both capital intensive behemoths that devour gold, and their thirst for money is bottomless.
But the money of banks is limited and subject to strict national supervision.
Who will fill the additional financing gap?
Trust, asset management, P2P... These so-called "financial innovations" are essentially designed to bypass regulation and provide the "blood vessels" that feed these "money swallowing behemoths".
Trust companies are one of the thickest arteries.
It undertakes the function of "shadow banking", moving residents' savings to the places where they need money the most and are most willing to offer high interest rates.
This is a product of an era.
When the economy is on the rise and real estate is thriving, this model operates well and everyone is happy.
When the economy declines and real estate stalls, the risks of this model are completely exposed.
The trust you bought has exploded.
Actually, you are just paying for the overall macroeconomic transformation.
You think it's bad luck and you've fallen into a trap.
In fact, as long as you step into that 'synthetic steakhouse', the outcome is already predetermined.
So, you see.
Foreign trusts are built on the legal foundation of "private property is sacred and inviolable", serving the "wealth inheritance" needs of "old money" and playing the role of "loyal stewards".
China's trust is established in the context of the era of "rapid economic growth", serving the desire for "wealth appreciation" of "new money", and playing the role of a "financial intermediary".
One is to make you sleep.
One is to make your heart beat faster.
They are two species from the root.
Use a 'financing tool' as a 'legacy tool'.
It's like driving an F1 car to Xizang.
On the flat ground, it raced at lightning speed, killing everything in seconds.
As soon as it reaches the bumpy dirt road, it immediately collapses and the chassis is shattered.
It's not that the car is bad, it's that you used the wrong place.
If the above content is not satisfying enough, then there are other more contents:
Main course, highly recommended:
*Akai's Wealth Theory: [Resource Transition/Noble Path] (0-1 First Million, Blood and Tears Road)
Two hard dishes, available as needed:
*Akai: "IP Alchemy" (self media, IP monetization, matrix, batch production). )
*Akai Wealth Theory: [VIP Information Source] (Projects that run smoothly on the front line, with poor underwater information)
Free tea, make friends:
*Thinking Framework (Free Collection of Practical Knowledge) (0-1 Heart Method for the First Pot of Gold, Ten Thousand Word Long Text.)
It's not important to read the words on the sign clearly. Only by understanding what dishes are being cooked in the kitchen can one avoid being fed like a fool.
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