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作者：尤杨 蔺楷毅 金杜律师事物所争议解决组

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组

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）

作者：尤杨、蔺楷毅 金杜律师事务所公司组

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。

一、各类房地产信托产品的共同风险Continue Reading 房地产信托产品的风险概要（1）

By Meg Utterback and Holly Blackwell of King & Wood’s Dispute Resolution Group 

 

Whether you are building a manufacturing plant, a petrochemical plant or just fitting out an office, local rules and local authorities can play a significant role in your project. Local regulations and practice varies widely, from designer and contractor qualifications to requirements for building completion. Finding the right contractors for design and construction can make the difference in completing on time and on budget.

Here are some tips to avoid common pitfalls:Continue Reading Owner Tips for Managing Construction Projects in China

作者：张如积、张宇、蓝兵 金杜律师事务所公司组

一、《商品房销售明码标价规定》出台的背景

针对我国房地产市场在发展过程中出现的商品房价格上涨过快、市场过热等问题，自2010年4月以来，我国中央和地方相继出台了一系列政策予以调控。在前述政策基础上，2011年3月16日，国家发改委进一步出台了《商品房销售明码标价规定》（发改价格[2011]548号，“548号文”），并于2011年5月1日起实施。Continue Reading 结合成都市之实际论《商品房销售明码标价规定》

By Zhang Ruji, Zhang Yu and Lan Bing of King & Wood’s Corporate Group

1.Background of the "The Provisions on Selling Real Estate at Expressly Marked Prices";

Starting in April 2010, China’s central and local governments issued a series of policies to regulate and control the soaring prices of real estate and the overheated real estate market in China. Based on these policies, on March 16, 2011, the National Development and Reform Committee (“NDRC”) issued The Provisions on Selling Real Estate at Expressly Marked Prices (“Provision No.548”), which was implemented on May 1, 2011.Continue Reading Issues Relating to “The Provisions on Selling Real Estate at Expressly Marked Prices” With Consideration of Chengdu’s Local Situation

The massive May 12, 2008 Wenchuan earthquake caused heavy property damage and saddening losses of life in the Chinese Providences of Sichuan, Shanxi, and Gansu. In order to support the earthquake relief and reconstruction effort, the Ministry of Finance and State Administration of Taxation has implemented post disaster tax deductions and exemptions. These relief measures impact affected individuals or enterprises, and also donations toward the relief effort. The most significant tax relief measures were announced in the “Notice on Implementing the Earthquake Relief and Reconstruction Tax Policies”(Notice 62). The taxes covered in the Notice included: enterprise income tax, individual income tax, house property tax, resource tax, stamp tax, urban land use tax, vehicle and vessel use tax, import tax.
 

By Zhang Yu, Wang Xiujuan, Chengdu Office of King & Wood, FDI

Continue Reading Tax Relief Policy in Post-Disaster Areas

By Zhang Tianhui, Editor, King & Wood’s Publication Group

As China’s economy continues to develop, the administration of developments in urban and rural areas of China requires a more focused approach to ensure the harmonious development of each area’s economy along with the preservation of local culture, heritage and infrastructure needs. The new system provides localities with guidelines to ensure nationwide consistency while providing a certain amount of autonomy to allow for specific local needs.Continue Reading Urban and Rural Planning Law: Hot Issues