房地产金融论文英文文献

Changes in real estate law ease constraints on foreign investorsBy Stephen Tomlinson and David Patrick EichPublished: April 24 2007 17:22 | Last updated: April 24 2007 17:22Foreign investors continue to pile into Chinese real estate in spite of last July’s government measures apparently aimed at cooling down an overheated to the National Bureau of Statistics, real estate investment in 2006 in China, including Hong Kong and Macao, was about $18bn. Overseas capital investment in mainland real estate was nearly $, a per cent increase from 2005. The National Development and Reform Commission reports, moreover, that foreign investment in real estate during the first quarter of 2007 was $, up per cent from the same period the previous , the investments include some made by new entrants, including private equity shops, and in new markets, such as the “Tier II” cities of Chengdu, Wuhan and shifts in the underlying legal infrastructure are afoot. The property law adopted last month for the first time expressly, if tersely, acknowledges that both collective and private ownership of Chinese real property is protected by , the regulatory regime is still daunting, especially for the sophisticated, iterative investment programme elsewhere typical of the hospitality and retail sectors and certain types of investors, such as real estate investment foreign investment in Chinese property generally now may be conducted only through a China-domiciled foreign invested real property company. Although 100 per cent foreign ownership is permitted, formation – and thus the proposed business scope – requires approval by the NDRC and the Ministry of NDRC and MOFCOM approvals generally suffice where total investment is expected to be less than $100m and ordinarily can be obtained in four months. If greater, central agency approval is required, typically resulting in additional local and central approvals tend to be project-specific, thus implying a potentially serious approval burden for a multi-property investment strategy, particularly if designed to develop over time in response to evolving opportunities. In practice local governments may require the formation of a local operating company to employ local staff, thus magnifying the potential administrative burden of a business plan with geographic challenge is “registered capital”. Under Chinese law, a foreign invested company must obtain approval from the government for the initial amount of contributed equity to be invested and each subsequent each such approval typically requires an additional two to four months to obtain, careful planning is required and transitory investment opportunities can be lost. Without rarely granted special approval, registered capital may not be withdrawn prior to in other markets, foreign property investors in China can overcome certain challenges and mitigate risks with appropriate legal structures. The risk of over-funding non-withdrawable equity, for example, can be reduced by purchasing each property with a separate foreign invested company capitalised only to the extent necessary for that risk of even that amount of “registered capital” becoming “trapped cash” until liquidation – a frequent pricing issue in global buyouts involving Chinese assets – can be minimised with the use of appropriately structured shareholder loans. (Subject to registration of the loan agreement with the State Administration of Foreign Exchange, such a loan can be repaid at any time).Although any legal strategy may entail risks and must be carefully tailored to the respective business plan, creative commercial advisers can usually add value to the status quo in a heavily regulated the potential rewards may be immense, the regulatory regime applicable to foreign investment in Chinese real estate is still in maximise opportunities in this market, foreign investors will require a flexible approach and advisers skilled not only in articulating the law and its impact on potential business, but also in analogising from other markets and innovating bespoke solutions from disparate and shifting rules in this authors are partners at Kirkland & Ellis

Subprime CrisisU can google Subprime CrisisFor example:The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial . mortgages issued in recent years were made to subprime borrowers, defined as those with lesser ability to repay the loan based on various criteria. When . house prices began to decline in 2006-07, mortgage delinquencies soared, and securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large decline in the capital of many banks and USA government sponsored enterprises, tightening credit around the world.

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