The Usufruct of trust asset，as a kind of new deal structure，has grown rapidly in recent years. There are two kinds of trading mode，the first kind is launching a collective fund trust and then purchasing the usufruct of asset with the trust funds；the second kind is launching a property trust and then transferring the beneficial right. After the ChunGao Case，the justification of Usufruct Trust has aroused great concern among enterprises. According to the Trust Law，the legitimacy，certainty and assignability of fiduciary property are an essential part to set up a trust. From Guarantee Law to Property Law，the legislative attitude of right to Usufructus of real estate represents a large shift. On the ground of these analyzes，the trading mode of the Usufruct of Asset Trust is faced with a series of legal issues and risks.