Real Estate & Infrastructure

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By King & Wood Malleons

On 14 September, King & Wood Mallesons (KWM) won the “Most Innovative Firm of the Year” and eight other individual and firm awards at China Law & Practice (CLP) Awards 2017 for its outstanding innovative practice in legal and business sectors and the capability to deliver cutting-edge legal services and innovative solutions to clients.  Innovation has been one of KWM’s long-standing competitive edges, with which the firm continues to make breakthroughs in the industry. The wins in the firm’s innovation and a number of key practice areas demonstrate a robust recognition for KWM.
Continue Reading King & Wood Mallesons wins Most Innovative Firm of the Year and eight others at China Law & Practice Awards 2017

作者：金杜律师事务所

2017年6月29日，广东国际信托投资公司破产清算组（简称“广东国投”）在南方联合产权交易中心公开拍卖其持有的广东省信托房产开发公司（简称“广信公司”）、广东国际信托投资公司广州房地产分公司（简称“房产分公司”）100%投资权益及广东国投和部分广东国投关联公司持有的对广信公司的债权，在起拍价格为446.772亿的基础上，经过8家地产界龙头企业的激烈竞争，最终万科以551亿的价格成功竞得上述标的，正式取得广信公司及房产分公司的100%投资权益。此次拍卖成功标志着历时18年的首单非银行金融机构破产案进入收官阶段。
Continue Reading 金杜协助广信房产项目以551亿价格拍卖成交

作者：金杜律师事务所

2016年8月，金杜代理嘉凯城集团股份有限公司（简称“嘉凯城公司”），为其与宝亚有限公司（简称“宝亚公司”） 有关8.1亿元股权转让纠纷诉讼案获得终审胜诉。本案经海南省高级人民法院一审和最高人民法院二审审理后实现了嘉凯城公司既定的商业目标，判决现已发生法律效力。作为一起典型的房地产公司为获取土地开发权而进行股权转让引发的合同纠纷，该案具有重要的参考意义。
Continue Reading 金杜代理嘉凯城赢得与宝亚股权转让纠纷诉讼案终审

作者：金杜律师事务所

2016年8月5日，在金杜律师事务所专业团队的协助下，首誉光控资产管理有限公司（“首誉光控”）成功设立准REITs型资产证券化产品“首誉光控-光控安石大融城资产支持专项计划”。该专项计划产品规模达25亿元人民币，以光大安石（北京）房地产投资顾问有限公司（“光大安石投资”）旗下管理购物中心“大融城”系列之旗舰产品“重庆观音桥大融城购物中心”作为底层物业资产，以未来租金及其他经营收入带来的现金流为还款来源。这是中国房地产投资基金首次REITs尝试，开创了国内商业地产“PE+REITs”战略模式新纪元。
Continue Reading 金杜助力首誉光控设立境内首单房地产投资基金准REITs产品

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 房地产和基础设施业务组

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组

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)