Looking for new opportunities

3. What are the prospects like for new sections of the real estate industry such as logistics real estate and industrial real estate?

Logistics real estate

In recent years, growth in domestic demand in China has sparked the rapid growth of the logistics industry, but there still remains a serious shortage in the supply of modern logistics facilities. The National Development and Reform Commission, the China Securities Regulatory Commission and 10 other departments have jointly issued the Implementing Opinions on Encouraging and Guiding Private Investment into the Logistics Sector, which expressly propose to support the investment of private capital in the construction of logistics infrastructure in sectors such as transportation, warehousing, delivery, distribution, logistics computerisation as well as logistics parks, and to offer more support to logistics enterprises in terms of optimisation of land policy and financial environment. During the last few years, due to demand outstripping supply, average rents in China's logistics warehouse sector have increased approximately 5% to 10% each year. China's online retail industry has been expanding rapidly, meaning that the demand for warehousing space and property will continue to grow.

Industrial real estate

The outline of the state's 12th Five-year Plan proposes a focus on adjusting the industrial structure, and treating industrial chains as the links and industrial parks as the soil to develop a large number of modern industrial concentrations with refreshing professional character, excellent brand images and complete service platforms. Against such a background, the models for developing industrial real estate are continuously developing in innovative directions and supply and demand are continuously expanding. Under the new five measures, industrial real estate has been promoted to industrial property for comprehensive ancillary services. Cooperation with brick and mortar enterprises is the new model for industrial real estate.

4. Recently, what have been the main channels for raising funds for private real estate funds in China? What methods are normally used to carry out investment? What are the particular features of the various investment methods?

Recently, the main channels available to private real estate funds to raise funds include: (1) funds of funds; (2) trust funds; (3) enterprise capital; and (4) private capital. Renminbi private equity funds in China mainly raise funds through enterprise capital and private capital channels. The funds of type (1) and (2) mainly favour funds sponsored by state enterprises and by relatively robust developers, whereas the funds of type (3) and (4) favour funds other than funds sponsored by state enterprises and developers. The investment methods of private real estate funds include: (1) debt investment; (2) equity investment; (3) bridge financing; and (4) combined debt and equity investment. The particular features of the various investment methods are as follows: (1) debt investment: stable, relatively low investment risk, short investment period and high return rate; (2) equity investment: attaches importance to the future growth prospects and capital value increase of the investee enterprise, participates in the enterprise's operations, management and material decisions, investment risks are relatively high, the investment period long and relies on an exit mechanism to sell the equity held to realise the returns; (3) bridge financing: satisfies short-term funding needs, financing costs high, repayment period short and requires collateral from the enterprise as security; and (4) combined debt and equity investment: the equity investment only accounts for a small portion of the entire financing need of the target enterprise, with the remaining portion invested by way of debt, and to ensure that the project risks and return rate are relatively stable, the investment period is usually longer than that of a bridge financing.

5. What are the main taxes on private real estate funds in China organised as limited partnerships?

The main taxes on a private real estate fund organised as a limited partnership (LP) include: (1) exemption of enterprise income tax at the fund level; (2) natural person LPs are subject to 20% income tax on dividends, extra dividends and capital gains; and legal person LPs are exempt from tax on dividends and extra dividends and subject to 25% income tax on capital gains; (3) at the legal person general partnership (GP) level, they are exempt from tax on dividends and extra dividends and subject to 25% income tax on carry and capital gains; and (4) at the management company level, in addition to including the management fee it charges in its annual taxable income and paying income tax thereon, it is also subject to 5% business tax (see Figure 1 below).

It has recently been reported that the state tax authority is considering rules for the withholding of income tax before a limited partnership fund makes a distribution to LPs and GPs, and the possibility that relevant specific provisions will be issued in the near future cannot be excluded.

6. What are the financing channels available, in general, to real estate enterprises in China at present? What are the particular features of the various financing channels?

The main financing channels available to real estate enterprises in China include: (1) bank loan financing: interest rates are greatly affected by policy, and financing is relatively difficult; (2) real estate trust financing: the term is relatively long, financing costs low, the method is flexible, proceeds large, variable sources are available and fund raising period short; (3) private real estate fund financing: term is relatively short, financing costs low, the method is flexible, variable sources are available and fund raising period short.

7. What are your predictions on the most recent developments and timetable for the launching of REITs
in China?

In March this year, the China Securities Regulatory Commission (CSRC) promulgated the Provisions for the Administration of the Asset Securitisation Business of Securities Companies, which in truth is paving the way for the launch of REITs. The CSRC has completed the feasibility study and preparatory work relating to the launching of REITs and is preparing to select the appropriate time to issue a draft for comments on the relevant rules.

According to forecasts, the drafting of the long anticipated provisions permitting investment in the form of REITs has been completed, and it is likely that REITs will become reality in the near future. The drafting of provisions addressing REITs will mainly focus on the regulatory body for REITs and their lawful form, but the question of whether the barriers to investment by foreign investors will be removed will not be included on the discussion agenda for the moment. According to forecasts, the first-stage provisions addressing REITs may touch upon many restrictions on, and the regulation of, REITs managers. Investment in REITs by foreign investors may be restricted, preventing them from directly investing in REITs and requiring them to sell the REITs products specified by the competent authority through equity joint ventures with enterprises in China. Based on the experiences and lessons learnt from the development of securities investment funds in China and taking into account the REITs models in other countries and regions, the regulators will effect regulation over aspects such as asset requirements, structure design and duties of the participants.

Author biography

Eric Chen (Partner)

Specialising in the sectors of real estate, infrastructure, logistics and energy, Eric Chen has been advising for various leading international PE funds and investment entities such as Morgan Stanley, Carlyle Group, Wells Fargo, JP Morgan, KKR, Aetos, Citigroup, Grosvenor, Bain Capital, ARA, CLSA, APL and GLP in their acquisition transactions and strategic investments in China.

Further, Chen regularly advises leading international law firms such as Allen & Overy, Paul Hastings, Morrison & Foerster, Freshfields Bruckhaus Deringer, DLA Piper, White & Case and Baker & McKenzie in relation to various PRC legal matters.

He has an LLM from the University of Edinburgh, Law School and an LLB from Soochow University, Law School.

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寻找新机遇

大成律师事务所的陈巍律师探讨房地产行业的最新发展, 包括转向办公物业、物流地产项目以及工业地产项目

1. 过去一年内中国有哪些关于外商投资房地产业的重要立法和政策出台？

在外汇管理方面，国家外汇管理局发布的《关于进一步改进和调整直接投资外汇管理政策的通知》(汇发[2012]59号)，改进直接投资外汇管理方式，取消和调整部分直接投资外汇管理行政许可项目。与外商投资房地产相关的主要改变为：(1)取消外国投资者境内合法所得再投资核准；(2)简化外国投资者收购中方股权外资外汇登记手续；(3)取消直接投资项下购汇及对外支付核准；(4)允许外商投资企业向其境外母公司放款，放款额度不得超过该外国投资者已分配未汇出利润以及按比例享有的未分配利润之和。

此外，今年国务院确定了五项关于房地产调控工作的政策措施(新国五条)，主要内容包括：(1)完善稳定房价工作责任制；(2)坚决抑制投机投资性购房；(3)增加普通商品住房及用地供应；(4)加快保障性安居工程规划建设；(5)加强市场监管。北京、上海、广州、深圳等大中城市也针对新国五条发布了地方实施细则。在新国五条及各地细则陆续发布后，住宅的价格及购买受到了不同程度的抑制，从而影响了外商投资房地产企业对于住宅类项目的投资，投资的项目开始转移到商业物业、工业地产项目、物流地产等领域。

总体上，针对外商投资房地产业，中国相关部门正在谋求更加灵活的政策，以简化审批程序，同时，通过商务部备案的外商投资房地产企业不断增多。需要注意的是，对于房地产领域的返程投资行为中国政府仍然进行严格监管。

2. 近期外资地产私募基金主要青睐哪类地产项目？背后有哪些原因？

近期外资地产私募基金主要青睐对象正从传统的住宅项目、商业(商场)项目转向办公物业、物流地产项目以及工业地产项目。其背后的原因在于：(1)随着住宅项目限购政策的出台以及投资回报测算及周期等原因，外资地产私募基金目前一般不将住宅地产项目作为首选；(2)商业(商场)地产项目已存在一定泡沫，并且该类项目后续运营成本较高，因此投资商业(商场)项目也会持谨慎的态度；(3)非一线地段的办公物业相对收购成本较低，投资回报有一定预期，后续运营成本也相对可控；(4)国内目前的现代化物流设施和仓储物业供应严重不足，国家已将物流行业确定为重点扶持和鼓励的现代服务业领域。并且，根据商务部外资司相关规定，外商投资物流(仓储)地产不属于外商投资房地产领域，因此外商投资物流地产不会受到中国境内对于外商投资房地产领域的诸多规定的限制。

3. 物流地产、工业地产等房地产行业新兴板块的前景如何？

(1) 物流地产

近年来，中国内需增长推动了物流行业的飞速发展，但是，现代化物流设施的供给仍然严重不足。国家发改委、证监会等12部门联合下发了《关于鼓励和引导民间投资进入物流领域的实施意见》，其中明确提出支持民间资本投资运输、仓储、配送、分拨、物流信息化以及物流园区等领域的物流基础设施建设，并在土地政策和融资环境上给予物流企业更多的优化支持。在过去几年内，由于供不应求，中国物流仓储领域的平均租金每年增长5%—10%左右。中国的网上零售业呈现快速扩张趋势，因此对于仓储空间和物业的需求仍将会增加。

(2) 工业地产

国家十二五规划纲要提出，要重点进行产业结构调整，以产业链为纽带，以产业园区为载体，发展一大批专业特色鲜明、品牌形象突出、服务平台完备的现代产业集群。在这种背景下，工业地产的开发模式正在不断的创新发展，供应量和需求量在不断增加。“新国五条”下，工业地产已升级为综合配套服务的工业物业。与实体企业合作，是工业地产的新模式。

4. 近期境内的房地产私募基金的主要资金募集渠道来自哪里？通常采用哪些方式进行投资？各种投资方式的特点是什么？

近期境内的房地产私募基金的主要资金募集渠道包括：(1)母基金；(2)信托资金；(3)企业资本；(4)民间资本。中国境内人民币私募基金主要是采取企业资本和民间资本的渠道进行募资。第(1)、(2)类资金主要青睐国企和比较有实力的开发商发起的基金，而(3)、(4)类资金主要青睐国企和开发商发起的基金以外的基金。房地产私募基金的投资方式包括：(1)债权投资；(2)股权投资；(3)过桥投资；(4)债权与股权结合投资。各投资方式的特点在于：(1)债权投资：稳定，投资风险相对较低，投资期短，收益率高；(2)股权投资：注重被投资企业未来发展前景和资本增值，且参与企业经营管理和重大决策，投资风险相对较大，投资期长，借助退出机制出售持股获利；(3)过桥投资：满足短期资金需求，融资成本高，偿还期限短，需要企业抵押物担保；(4)债权与股权结合投资：股权投资仅占项目公司全部所需融资额的少部分，其余部分通过债权方式投入，以确保项目的风险和收益率相对稳定，投资期限通常超过过桥投资。

5. 境内有限合伙制的房地产私募基金主要的税赋包括哪些？

有限合伙制房地产私募基金架构下，主要税赋包括：(1)基金层面免征企业所得税；(2)自然人LP就股息红利被征收20%所得税及就资本利得被征收20%所得税；法人LP就股息红利免税，就资本利得被征收25%所得税；(3)在法人GP层面，就股息红利免税，就超额收益(Carry)及资本利得将被征收25%所得税；(4)在管理公司层面，收取的管理费除应计入年度所得额缴纳所得税外，还需计征5%的营业税 (见图1)。

目前有消息称，国家税务管理部门正就有限合伙制基金向LP和GP进行分配之前代扣代缴其所得税的细则进行研究，不排除近期出台相关明确规定的可能性。

6. 目前境内房地产企业的融资渠道一般有哪些？各融资渠道有什么特点？

境内房地产企业的主要融资渠道包括：(1)银行贷款融资：利率受政策影响大，融资比较困难；(2)房地产信托融资：期限较长，融资成本低，方式灵活，资金量大，来源多，筹集时间短；(3)房地产私募基金融资：期限较短，融资成本低，方式灵活，来源多，筹集时间短。

7. 您对境内REITs推出的最新进展和时间表有什么预测？

今年三月，证监会公布《证券公司资产证券化业务管理规定》，实际是为推出REITs铺路。中国证监会已完成推出REITs的相关可行性研究和准备工作，并准备选择恰当的时间发布相关规则征求意见稿。

据预测，期待已久的针对允许以REITs的形式进行投资的规定已经起草完毕，境内REITs有望在近期落地。针对REITs的规定的起草，将主要集中在REITs的监管主体、REITs的合法形式，关于是否去除外资投资障碍，将不会纳入目前讨论议程。据预测，针对REITs的第一阶段规定可能会涉及很多对REITs管理者的限制及监管。针对境外投资者投资REITs的投资可能受限，不能直接投资REITs，而需要通过与境内企业合资的方式出售主管机关罗列的REITs产品。在借鉴我国证券投资基金的发展经验和教训的基础上，结合其他国家和地区的REITs模式，监管层将对资产要求、结构设计、参与方的职责等方面进行监管。

作者简历

陈 巍 (合伙人)

陈巍律师服务的客户主要包括摩根斯坦利、凯雷、富国银行、Aetos、花旗、摩根大通、高富诺、KKR、ARA、普洛斯等国外大型房地产、基础设施、物流、能源等相关基金及投资机构。

此外，和陈巍律师经常合作的国际律师事务所包括Allen & Overy LLP, Morrison & Foerster LLP, Freshfields Bruckhaus Deringer, DLA Piper, White & Case LLP, Baker & McKenzie 等。

陈巍律师拥有英国爱丁堡大学法学院法学硕士学位和苏州大学法学院法学学士学位。