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)

By Yuan Min, Wang Jianzhao , and Kirby Carder, King & Wood Insurance Department, Beijing Office

Last Sunday during a press conference held during the National People’s Congress, China Insurance Regulatory Commission (CIRC) Chairman Wu Dingfu announced that the CIRC is currently creating its policy for the use of insurance premium funds to invest government subsidized affordable housing projects. He specifically stated that China does not have a legal barrier to insurance companies investing insurance funds in affordable housing projects, and he also said that the CIRC plans making Shanghai the first city where this is possible. However, he cautioned that the main priority in insurance fund investment must still be risk management because any investments must provide a return so that an insurance company’s duty to pay its policyholders claims can be met.

Continue Reading The China Insurance Regulatory Commission has Announced that it will Pilot Allowing Insurance Funds to Invested in Affordable Housing Development Projects in Shanghai