CITIC Trust enters the second phase of Manor Beijing, analyzing the legal risks behind ultra-luxury projects and key points for reviewing purchase contracts.
2027年初，北京东四环的顶豪市场迎来重磅消息——中信信托正式入局缦合北京二期项目，规划方案对外公示。作为全国知名的信托机构，中信信托的参与让这个本就备受瞩目的高端住宅项目增添了更多想象空间，但也让市场舆论分化为两种声音：有人看好金融资本与顶级豪宅的强强联合，有人则担忧信托参与地产开发背后的资金链与法律风险。
无论舆论如何发酵，对普通购房者尤其是高净值人群而言，真正值得关注的不是项目有多豪华，而是这笔动辄数千万乃至上亿的交易背后，隐藏着哪些法律陷阱，合同怎么签才能保障自身权益，信托参与是否意味着项目更安全，或者说反而增加了不确定性。本文从律师视角，结合《民法典》《信托法》《城市房地产管理法》等法律规定及司法实践，对这类顶豪项目交易中的法律要点进行深度拆解。
信托入局地产项目：是增信还是风险叠加？
中信信托作为国内头部信托公司，其参与房地产项目开发并非孤例。近年来，信托资金通过股权投资、明股实债、收益权转让等结构进入地产领域的案例屡见不鲜。信托入局对项目而言，往往被解读为资金实力雄厚的信号，但法律上需要厘清的是，信托在项目中的身份究竟是股东、债权人还是其他角色，直接决定了项目的风险分配。
在缦合北京二期的架构中，如果中信信托是以股权投资方式参与，那么其作为股东，与项目公司共担盈亏，理论上会加强对项目资金使用的监管，这对购房者而言是相对积极的信号。但如果信托资金以固定收益类产品进入，即所谓的明股实债，那么信托公司实质上扮演的是债权人角色，其关注的核心是资金安全退出，而非项目本身的质量和交付。这种情况下，一旦项目去化不畅，信托公司可能优先主张债权，甚至申请对项目公司进行破产清算，购房者的权益将面临严峻挑战。
从司法实践看，最高人民法院在多个判例中强调，穿透式审查是处理信托与地产纠纷的核心原则。法院会综合考察投资协议、股东决议、资金流向等证据，判断信托投资是否构成名股实债。因此，购房者不仅要关注项目宣传资料，更应通过律师调查项目公司的股权结构、融资协议等信息，评估项目的真实风险等级。
顶豪购房合同审查：十大条款一个都不能少
购买缦合北京二期这类顶豪项目，购房总价通常在5000万元以上，合同条款的每一个字都关乎千万级资金的安危。根据《民法典》第四百七十条及《商品房销售管理办法》的相关规定，商品房买卖合同应当明确约定当事人信息、房屋基本情况、价款与支付方式、交付条件与期限、违约责任等核心条款。但在顶豪交易中，以下条款更需要格外审慎。
首先是交付标准条款。精装修顶豪项目，交付标准往往以宣传册和样板间为准，但合同中的交付标准如果表述模糊，例如使用”高端品牌””进口材料”等非量化描述，极易在交付时引发争议。律师建议，购房者应当要求将具体品牌、型号甚至产地写入合同附件，并约定与样板间不一致时的违约责任。
其次是付款节点与资金监管条款。顶豪项目常采用分期付款，但每笔款项支付与工程进度挂钩的约定必须清晰。购房者应要求将资金支付至项目公司的预售资金监管账户，避免资金被挪用。根据《城市商品房预售管理办法》第十一条，预售资金必须用于有关的工程建设，购房者有权要求开发商出示监管协议及资金使用情况报告。
第三是违约责任的对等性。实践中，开发商往往对购房者逾期付款设置了严格的罚则，但对自身逾期交付、质量不合格的违约责任却轻描淡写。依据《民法典》第五百八十五条，约定的违约金过分高于造成的损失的，人民法院或者仲裁机构可以根据当事人的请求予以适当减少。但反之，如果违约金约定过低，购房者也应主张调增，这需要律师在签约前进行专业测算。
此外，不可抗力条款、规划变更通知义务、产权办理期限、物业与配套承诺等条款，在顶豪交易中同样需要逐字打磨。一个成熟的房产律师，往往能在看似格式化的合同中，为购房者争取到额外的保护性条款，例如单方解除权触发条件、质量缺陷的特别保修承诺等。
信托参与下的烂尾风险：购房者如何用法律武器自救
尽管信托入局常被视为实力背书，但全国范围内信托参与的楼盘烂尾事件并不罕见。2023年以来，多地爆发信托产品违约潮，部分地产项目因信托资金断链而停工，购房者陷入”钱房两空”的困境。若缦合北京二期未来出现类似风险，购房者应当如何应对？
首先，及时行使合同解除权。根据《民法典》第五百六十三条，当事人一方迟延履行主要债务，经催告后在合理期限内仍未履行的，对方可以解除合同。若开发商逾期交房超过合同约定期限，购房者应通过书面催告方式固定证据，为后续解除合同及索赔奠定基础。
其次，积极申报债权。若项目公司进入破产程序，购房者应第一时间向破产管理人申报购房款债权。根据《企业破产法》及相关司法解释，消费者购房者在特定条件下享有优先受偿权。但该优先权并非自动实现，需要购房者主动申报并提供充分的付款凭证、合同文本等证据。实践中，因申报不及时或证据不足导致权益受损的案例大量存在。
Third, pay attention to the disposal actions of trust companies. In projects involving trusts, the trust company is often the largest creditor, and its strategy for disposing of non-performing assets directly affects the rights of homebuyers. For example, the trust company may dispose of project assets through judicial auction. Homebuyers should monitor the auction announcements and promptly file execution objections or participate in the distribution of proceeds.
In short, purchasing a top luxury property is far more than signing a contract—it is a comprehensive game involving law, finance, and the market. Whether you are a potential buyer of the second phase of Manhe Beijing or a purchaser of high-end projects in other cities, you should hire a professional lawyer to conduct due diligence and contract review before signing, and retain all evidence during the performance of the contract to prevent problems before they arise.
Lawyer's Advice: Three Legal Defense Lines for High-Net-Worth Individuals in Property Purchases
Drawing on years of experience serving high-end real estate transactions, we have outlined three key legal safeguards for high-net-worth homebuyers nationwide, empowering them to navigate the complex luxury property market with stability and confidence.
The first line of defense—background checks before signing the contract. In addition to the routine verification of the five certificates, a lawyer should also be commissioned to conduct an in-depth review of the project company's equity structure, litigation status, financing arrangements, and the nature of the trust contract. If the proportion of trust funds is excessively high and the model involves fixed returns, the long-term stability of the project should be carefully assessed.
The second line of defense—strengthening rights during contract negotiation. Don't be dazzled by the developer's brand or the project's prestige; core rights must be clearly stated in black and white. For example, push to have commitments such as "unconditional house cancellation," "price protection," and "detailed delivery standards" written into the contract, and specify the method for calculating penalty clauses. For projects involving trusts, you can also require the developer to disclose in the contract the intended use of trust funds and the oversight mechanisms in place.
The third line of defense—rapid response after a dispute arises. Once any project irregularities are detected, such as construction halts, unusual movements in fund accounts, or scaled-back promotional commitments, legal procedures should be initiated immediately, including but not limited to sending demand letters, applying for property preservation, filing lawsuits, or arbitration. Time is money, and this is especially evident in real estate disputes.
Guangdong Zhiming Law Firm has深耕 the intersection of real estate and trusts for many years, having represented numerous contract disputes between high-net-worth clients and renowned developers, accumulating extensive experience in transaction structure design, risk prevention and control, and dispute resolution for ultra-luxury projects. If you are considering purchasing Manor Beijing Phase II or similar high-end properties, we welcome you to contact us. We will provide customized legal advisory services to safeguard your assets throughout the entire process.
