Authored by:Xing Meidong Xu Qin Li Xiaoran Chen Shiyuan He Mengran

In 2018, we offered insights of the legal application, regulatory compliance requirement, investment, operation and management of real property private equity funds after the enactment of the regulation, Administrative Code for the Filing of Private Asset Management Plans of Securities and Futures Operators No. 4 – Private Asset Management Plans to Invest in Real Estate Development Enterprises and Projects (“Specification No. 4”) in article “When Private Equity Funds Encounter Real Estate”. According to the Specification No. 4, unlike those of other types of private equity funds, the regulatory authorities have imposed more stringent regulatory requirements over real property private equity funds in multiple aspects of its daily operation (such as registration and filing, restrictions on the use of funds, investment structure and compliance with underlying assets, etc.).

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