作者:熊健  任晓磊  黄靖渝 金杜律师事务所公司证券部

xiongjian商务部与国家外汇管理局于2015年11月6日联合发布了《关于进一步改进外商投资房地产备案工作的通知》(商资函[2015]895号),该通知进一步简化了外商投资房地产企业管理工作,特别值得重点关注的是取消了外商投资房地产企业商务部网站备案公示程序。笔者将从我国外商投资房地产业相关规定和政策的发展变化,结合国家宏观政策和经济形势,就该通知产生的背景及对外商投资我国房地产市场可能产生的影响进行简要的分析,并对外商投资房地产市场的前景进行简单的展望。

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作者:金杜律师事务所 房地产基础设施业务组

2014年10月24日,国务院总理李克强主持召开国务院常务会议,决定在水电、核电、基础电信、铁路、城市基础设施、公共交通等领域进一步为社会有效投资拓展更大空间,积极推广政府与社会资本合作(PPP)模式,使社会投资和政府投资相辅相成。

结合APEC财长会颁布《APEC区域开发成功的基础设施PPP项目实施路线图》、财政部9月底发布《关于推广运用政府和社会资本合作模式有关问题的通知》,国务院发布《关于深化预算管理制度改革的决定》、国务院办公厅出台关于加强地方债管理的“43号文”以及部分省市出台PPP试点项目清单等政策面的频繁动作,可以预见,自去年年底由财政部主导的PPP推广将继续保持热度,成为地方政府债务危机日益凸显、城投债模式难以为继情况下,推动基础设施投资和民生建设的引擎。 Continue Reading 迎接PPP的春天

By You Yang and Lin Kaiyi King & Wood’s Real Estate Group

This article continues to discuss Risk Management for China’s Real Estate Pooled Investment Funds. The first part of this article was published on Chinalawinsight on December 2011.

B. Inherent Risks of Real Estate Trust Products

Inherent risks are closely related to the characteristics of real estate trust products and thus ingrained in such products as follows:

a. Real estate pooled funds generate returns through specific assets

Real estate pooled funds generate and distribute returns by structuring the priority of beneficial interests: according to the financing agreement between trust companies and real estate developers, trust companies raise funds from the public for specific acquisition projects and guarantee investors’ beneficial interests as a priority payment. The parent companies or actual controllers (usually real estate developers) of the specific acquisition project transfer shares to the trust companies to gain secondary beneficial interests. Therefore, real estate developer’s interests are bound to the priority interests of investors and trust companies distribute returns to beneficiaries in a particular order.

Continue Reading Risk Management for China’s Real Estate Pooled Investment Funds (Part II of II)

作者:尤杨 蔺楷毅 金杜律师事物所争议解决

本文分两部分刊登, 2011年12月19日金杜法律博客(Chinalawinsight)刊登的了本文的第一部分。文章第二部分将继续对《浅论房地产集合资金信托产品的风险及控制》进行解读。

2、各类房地产信托产品的固有风险

尽管房地产信托产品种类繁多,但是各类信托产品都有其固有风险,这些风险与该类信托产品的特性紧密结合,根植于该类信托产品之中。例如:

(1) 以特定资产收益权为投资对象的信托计划

这类信托常与结构化信托相结合,典型的结构化特定资产收益权信托的模型是:信托公司与交易对手达成协议后,信托公司向公众募集资金并赋予其优先级受益权,并以募集来的资金收购项目公司的特定房地产项目的收益权。同时,项目公司的母公司或实际控制人将项目公司的股权转让与信托公司,并获得次级受益权,借此将房地产开发商的利益与优先级受益权人的利益进行绑定。在信托计划到期后,信托公司首先向优先级受益人分配信托利益,之后再向次级受益人分配剩余信托利益。

Continue Reading 信托实务专题之(三):浅论房地产集合资金信托产品的风险及控制(2)

By You Yang and Lin Kaiyi King & Wood’s Real Estate Group

A real estate pooled investment fund ("RE Pooled Fund") is where trust companies raise funds from investors (who act as both "settlors" and "beneficiaries" in the trust) and work with real estate developers to provide beneficiaries with profits in return. RE Pooled Funds generate returns through specific assets, equity investments, loans, or a hybrid thereof.

With housing purchase restrictions being implemented in China’s major cities, real estate developers working with trust companies are facing serious cash flow pressure and some of them have even experienced operating difficulties. When real estate developers are unable to provide trust companies with high investment returns on schedule, and investors continue to hold expectations of high returns regardless of investment risk, trust companies are inclined to pay investors at their own expense and solve investment return problems with real estate developers internally rather than disclose investment risk to the investors. This is partly because trust companies value their reputation and the reputation of their investment products and want to avoid upsetting trustees and commercial banks who engage in selling the trust company’s products. Trust companies may also be concerned about the potential for class-action lawsuits by investors. However, such trust companies may one day be unable or unwilling to pay investors out of their own pockets, or investors may no longer be satisfied with being paid investment returns, leading to a very unsustainable situation.

Continue Reading Risk Management for China’s Real Estate Pooled Investment Funds (Part I of II)

作者:尤杨 蔺楷毅 金杜律师事物所争议解决

房地产集合资金信托产品是指信托公司从多个委托人(也是“投资人”,相对于单一信托而言)处募集资金,用于与房地产公司合作开发房地产项目,获得收益后支付给委托人作为投资回报的信托计划,常见形式有特定资产收益型、股权投资型、贷款型以及复合型等。

伴随近期全国各主要城市商品房限购政策的出台和执行,不少处于信托计划中的房地产开发商面临着非常严峻的现金流压力,部分公司已经陷入经营困境。当这类房地产开发商没有能力向信托公司按期支付高额投资回报时,投资人却不愿面对投资风险,执着的向信托公司讨要预期回报,信托公司虽然有苦难言,却又不愿公开披露风险,惟恐得罪投资人和代理销售信托产品的商业银行,更不愿酿成集体诉讼,断了将来继续发行信托产品的信誉和财路,只能自己掏腰包堵上投资人的窟窿,再内部消化与房地产开发商的那些理不清的纠葛。试想一下,如果有一天信托公司再也没有能力或者不想堵投资人的窟窿,又或者投资人的风险意识、维权意识觉醒,不再满足于被敷衍的支付投资回报,转而追究事实真相和责任,事态将会如何发展?这样的平静还能继续维持吗?

Continue Reading 信托实务专题之(三):浅论房地产集合资金信托产品的风险及控制(1)

By Yan Jun and Chen Haiting King & Wood’s Real Estate Group

With urbanization surging in China, conflicts triggered by urban housing demolition constitute a grave threat to social stability. In order to cope with the legislative demands posed by new situations, China’s State Council ("CSC") made amendments to the Administrative Regulations on Urban Housing Demolition and Relocation(1)("2001 Regulations") and promulgated the Regulations on Expropriation and Compensation of Housing on State-owned Land on January 21, 2011 ("New Regulations").

Compared to the 2001 Regulations, the New Regulations set forth some principles in housing expropriation. The New Regulations stipulate that compensation standards should be set no lower than market prices, and require increased transparency during the expropriation process. The New Regulations specify circumstances under which compulsory expropriation can be conducted for the sake of the public interest. Though there are still some debatable points to be clarified, the New Regulations have made significant improvements in the regulation of public rights and the protection of private rights. The promulgation of the New Regulations caters to the economic and social development of China, which fully reflects China’s legislative progress in building a more democratic society. This article will explore the major changes and highlights of the New Regulations.

Continue Reading Understanding the Regulations on Expropriation and Compensation of Housing on State-owned Land

作者:颜俊 陈海婷  金杜律师事务所房地产

随着城市化的进一步推进,拆迁引发的矛盾愈发突出,这已成为社会一大不稳定因素。为适应新形势下的法治要求,国务院启动了对2001年修订的《城市房屋管理拆迁条例》(“旧条例”)(1)的修法程序,并于2011年1月21日公布并实施了《国有土地上房屋征收与补偿条例》(“新条例”)。

与旧条例相比,此次新条例的主要变化是明确了补偿标准市场化、征收程序透明化、公共利益明晰化、强制征收司法化等新制度、新原则,虽然还有不少值得探讨和需要进一步完善的地方,但新条例已有明显的进步以及不少的亮点。新条例在规范公权、保护私权方面有了突破,是一部与当前经济社会发展相适应,充分反映了中国民主法治水平的行政法规。本文将对新条例的一些主要变化和亮点作简要说明。

Continue Reading 解读《国有土地上房屋征收与补偿条例》

作者:尤杨、蔺楷毅 金杜律师事务所公司组

本文分两部分刊登, 2011年9月5日金杜法律博客(Chinalawinsight)刊登的了本文的第一部分。文章第二部分将继续对《房地产信托产品的风险概要》进行解读。

二、各类房地产信托产品的固有风险

尽管房地产信托产品种类繁多,但是各类信托产品都有其固有风险,这些风险与该类信托产品的特性紧密结合,根植于该类信托产品之中。例如:

1、以特定资产收益权为投资对象的信托计划

这类信托常与结构化信托相结合,典型的结构化特定资产收益权信托的模型是:信托公司与交易对手达成协议后,信托公司向公众募集资金并赋予其优先级受益权,并以募集来的资金收购项目公司的特定房地产项目的收益权。同时,项目公司的母公司或实际控制人将项目公司的股权转让与信托公司,并获得次级受益权,借此将房地产开发商的利益与优先级受益权人的利益进行绑定。在信托计划到期后,信托公司首先向优先级受益人分配信托利益,之后再向次级受益人分配剩余信托利益。

Continue Reading 房地产信托产品的风险概要(2)