房地产开发企业从获得土地到顺利完成项目开发建设均需要大量资金,而随着政府连续出台严厉的调控政策,房地产行业原有的银行、信托等融资渠道逐渐收紧,而私募基金则在近年来大规模发展,为此房地产和私募基金顺势结合。我们理解,地产私募基金是通过为房地产开发企业提供项目资金融通、风险管理等增值服务,通过被投资项目销售、转让、租赁和资产证券化等方式回收资金、获取收益的私募基金。与一般私募基金相比,地产私募基金在法律适用、监管合规、投资方向、管理运营等方面均具有自身的特点。
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By King & Wood’s Securities Group

Following the promulgation of the Notice on Further Regulating the Administration of Development and Filing of Equity Investment Enterprises in Pilot Areas (the "Pilot Rules") by the National Development and Reform Commission (the "NDRC") on 31 January 2011 and positive feedback from the six pilot areas, the NDRC is now determined to apply its administration and filing system to equity investment enterprises ("EIEs") across the nation. 

On November 23, 2011, the NDRC promulgated its first set of nationwide rules on the administration of equity investment enterprises, the Notice on Promoting Regular Development of Equity Investment Enterprises (the "Notice"). The main objective of the Notice is to standardize the establishment and operation of private equity funds.  This Notice evolved from the Pilot Rules and has addressed five major topics.  Together with the Notice, the NDRC also issued a set of forms for filing and guidance for EIEs’ constitutional documents (i.e. guidance on articles of association/partnership agreement of EIEs, guidance on the fund raising prospectus, etc.).


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作者:金杜律师事务所外商投资

对于讨论日久的PE监管问题,中国发改委在日前给出了说法,发改委于12月8日发布《关于促进股权投资企业规范发展的通知》(“《通知》”)。《通知》是我国首个全国性股权投资企业管理规则,规定股权投资企业的资本只能以私募方式募集。《通知》规范了股权投资企业的设立、资本募集与投资领域,要求股权投资企业遵照《公司法》和《合伙企业法》有关规定设立。资本只能以私募方式,向特定的具有风险识别能力和风险承受能力的合格投资者募集,资本募集人须向投资者充分揭示投资风险,不得承诺固定回报。股权投资企业的所有投资者只能以合法的自有货币资金认缴出资。资本缴付可以采取承诺制,即投资者在股权投资企业资本募集阶段签署认缴承诺书,在股权投资企业投资运作实施阶段,根据股权投资企业的公司章程或者合伙协议的约定分期缴付出资。


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By Zhang Yi, Alan Du and Ge Jiaying, King & Wood’s Banking & Finance Group

On March 15, 2010, Shanghai Municipal Government approved a pilot program in which foreign investors may become qualified foreign limited partners ("QFLP") of private equity investment funds ("Pilot Program") on its executive meeting. The Pilot Program, which is subject to confirmation and approval of the State Administration of Foreign Exchange ("SAFE") and other relevant authorities, is expected to be officially announced soon.


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By Zhang Yi and Alan Du, King & Wood’s Corporate Group

The Oriental Morning Post reported that a Trial Plan for the Participation of Foreign Investment into RMB Equity Investment Funds (the “Trial Plan”) was approved by the Shanghai government on March 15, 2010. This development will be fully publicized in April and first implemented in the Pudong New Area. The Trial Plan will open a gateway for the conversion of foreign exchange into RMB, which has been a major factor hindering foreign general partners (GP) and limited partners (LP) from becoming involved in the RMB PE fund industry.


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The People’s Government of Shanghai Pudong New Area promulgated on June 2, 2009, the Pilot Measures for the Establishment of Foreign-invested Equity Investment Management Enterprises in the Pudong New Area of Shanghai ("Pilot Measures"). The Pilot Measures provide guidance on registration and incorporation of equity investment management companies in Pudong New Area to be established by foreign equity investment capital firm including private equity investment and venture capital.
 

By Zhang Yi, Partner at King & Wood’s Corporate Group


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