但问题在于，当银行贷款年化利率可能不到10%、信托贷款利率约为20%时，房地产开发商通常不大有兴趣给出股权并与别人共享高额的的利润率（住宅项目一般是30%左右）。

The problem, though, is property developers often aren't so enthusiastic about giving up equity and sharing their huge profit margins (typically around 30% on residential developments), when a bank loan is likely to come at an annualized rate of less than 10%, and a trust of loan of around 20%.

因此，信托公司想出了绕道而行的方法。名义上信托可能会进行直接投资，但是当信托产品到期时，开发商可能会被要求买回股权。加上一些条款，使开发商支付的实际回报率更接近信托的借贷利率，这样股权就变成了债务日语口译。

So the trusts came up with a work-around. Nominally the trust would make a direct investment, but when the trust product matured the developer would then be required to buy back the stake. Tack on a couple of clauses that would reduce the effective return the developers were paying to something closer to the trust loan rate, and voila, equity becomes debt.

信托公司今年炮制了大量这类产品。虽然前两个季度传统银行发放给房地产开发商的新增贷款跌了75%，但政府支持的行业组织中国信托业协会的数据显示，信托公司同期在房地产领域的新增贷款几乎翻了两倍北京翻译。

Trust companies have churned out such products this year. While new lending to property developers from traditional banks plunged 75% between the first and second quarters, figures from government-backed industry group China Trustee Association show that trust companies nearly doubled their amount of new financing in the sector over the same time period.