Building Blocks

The announcement under the initial cooperation framework agreement reveals that the consideration for Sunac's acquisition of the 40 target companies owned by Legend Holdings or Raycom Real Estate will be approximately Rmb3.477 billion. Also included is approximately Rmb7.6 billion for the target's domestic debt, and an accrued but unpaid interest of approximately Rmb1.28 billion, as well as HK$220 million and US$160 million for the its offshore debt, and an accrued but unpaid interest of approximately HK$2.85 million and US$2.07 million.

The second agreement shows that Legend Holdings is to sell all of the equity in Ensen Care to Sunac for Rmb87 million; as well as an outstanding shareholder loan of Rmb50 million owed by Ensen Care to the seller, and an accrued but unpaid interest of Rmb617,000.

3. How have recent policies and regulations aimed to stabilize the property market?

In order to stabilize the real estate market and monitor unreasonable property price increases, a number of cities have opted to reimpose “purchase restriction” and “loan restriction” policies. Between August and September 2016, six second-tier cities—Hefei, Suzhou, Nanjing, Wuhan, Xiamen and Hangzhou—implemented such measures after experiencing relatively rapid rises in property prices. Specifically, Suzhou, Xiamen and Hangzhou opted to reimpose purchase restrictions, while Hefei, Nanjing and Wuhan intensified loan restrictions, which mainly involve increasing the percentage of the down payment for a mortgage loan.

On September 30, 2016, the Ministry of Housing and Urban-rural Development held a work deployment meeting in Beijing on the topic of real estate in key cities. It made arrangements for property price controls, market stabilization and risk prevention, and stressed that first-tier cities need to control their housing markets, second-tier cities must stabilize them, and third and fourth-tier cities must invigorate them. It can be anticipated that, in the long run, the government will take further measures to stabilize real estate prices and prevent a bubble in first and second-tier cities, particularly in 16 key cities including Beijing, Tianjin, Shanghai, Nanjing, Suzhou and Wuxi.

4. What are foreign investors carrying out construction projects in China most concerned about? What are the solutions?

The biggest concerns of foreign investors investing in Chinese construction projects are relevant legislation and policy revisions, including those relating to access, examination and approval, submission materials, the scope of project contracting and the corresponding regulatory mechanisms.

The best solution for foreign investors is to find professionals in China, including management personnel, lawyers and investment advisors who are familiar with the construction sector to guide and preview their projects and provide expert advice.

5. What is the significance of construction bonds?

The proceeds of construction bonds are used for a construction project. The offering of construction bonds is a new financing channel open to real estate enterprises that is conducive to further reducing their funding costs.

This is also driven by the major integration trends in the bond market, which are aimed at fully reflecting fund market information with real time transaction prices. In the face of a segmented bond market and a chaotic interest rate term structure, enterprises are unable to obtain accurate data on financing costs as they would be able to in a unified market. A low-level bond market cannot compete with banks, making it difficult for enterprises to reduce their funding costs.

6. What taxes apply to private real estate funds organized as limited partnerships?

This is a very complex issue, as policies vary from the central to local governments. At the central level, the Ministry of Finance and State Administration of Taxation's Circular on Income Tax Issues of Partners of Partnerships (Cai Shui [2008] No.159) specifies that the principle of “distribution first, then tax” applies to the production, business revenue and other income of partnerships. The specific calculation of taxable income is handled according to the Provisions on the Levy of Individual Income Tax on Investors in Wholly Individually-owned and Partnerships (Cai Shui [2000] No.91) and the Circular on Issues Relevant to the Revision of the Rates of Pre-tax Deductions from Individual Income Tax of Family Proprietorships, Wholly Individually-owned Enterprises and Partnerships (Cai Shui [2008] No.65).

We would argue that, with respect to a REIT organized in the form of a partnership, limited partnerships (LPs) are generally subject to income tax in accordance with the principle of “distribution first, then tax”, with natural person partners liable for individual income tax (at a rate of 20% or an excessive progressive rate of 5% to 35% as determined by specific regional tax policies) and corporate partners liable for enterprise income tax (at 25%). As for general partnerships (GPs), they are responsible for paying enterprise income tax, business tax and others depending on the type of income (dividends and management fees).

7. Can you describe the tightened regulations on real estate advertisements?

The new PRC Advertising Law came into effect on September 1, 2015, and the Provisions for the Dissemination of Real Estate Advertisements were implemented on February 1, 2016. These have a significant impact on marketing in the real estate industry, setting the following rules for advertisements:

(1) implying an increase in value or investment returns is prohibited;

(2) mentioning the time it takes to reach a specific reference point as a means of indicating the location of the project is prohibited;

(3) providing misleading information on the transportation, commercial, cultural or educational facilities or others being planned or under construction is prohibited;

(4) disseminating advertisements for real estate that is to be pre-sold but for which a pre-sale certificate has not been secured is prohibited;

(5) advertisements containing fengshui, divination or other superstitious content are prohibited, and any explanatory details of projects must adhere to fair social customs;

(6) advertisements containing content pertaining to financing or financing in disguised form are prohibited;

(7) advertisements suggesting the advertiser can handle matters such as household residency, employment and schooling for new occupants are prohibited;

(8) the use of terms such as “state-level”, “top-level” and “the best” is prohibited;

(9) any mentions of a property's internal structure, interior design or furnishings must be true and accurate;

(10) if an assessment of the real estate value is mentioned in an advertisement, the names of the assessing entity, individual and the date of the assessment must be indicated. Other figures such as statistical data, abstracts or citations used must also be accurate and indicate the source; and

(11) the project's location map and proportions must be accurate and clear.

8. What are the latest developments in deed tax and business tax on real estate transactions?

On May 1, 2016, China rolled out the business tax to value-added tax (VAT) reform to the real estate industry, setting the VAT rate for the sale of immovable property and the transfer of land use rights at 11%. A general taxpayer selling an existing real estate project or immovable property can choose to apply either the general tax method, which applies a VAT rate of 11%, or the simplified method, which imposes a 5% rate. Furthermore, the Circular on Comprehensively Launching a Pilot Project for the Levy of Value-added Tax in Place of Business Tax (Cai Shui [2016] No.36) specifies how the sales amount is to be calculated under various circumstances.

On February 20, 2016, the Ministry of Finance, the State Administration of Taxation and Ministry of Housing and Urban-rural Development jointly issued a circular on deed tax and business tax on real estate transactions (Cai Shui (2016) No.23). In terms of deed tax: where an individual purchases residential property for the household (where the scope of household members includes the buyer, his/her spouse and their minor children), and the area of the property is 90 square meters or less, deed tax will be levied at the reduced rate of 1%, while if the area is greater than 90 square meters, the rate is 1.5%. For a purchase of a second residential unit (for upgrade purposes) with an area of 90 square meters or less, the applicable deed tax is 1%, and of greater size, 2%. As for business tax, an individual who sells his residential property within two years of his purchase must pay business tax in full. Property sales after two years are exempt from the tax.

9. How does the Supreme People's Court's interpretation on the PRC Property Law provide clarity on property disputes?

The PRC Property Law was implemented on October 1, 2007, and is a fundamental civil law that regulates relationships that arise in connection with the vesting and utilization of property. It is an integral part of civil law in China and plays a major role in the healthy development of the socialist market economy and the protection of citizens' property rights and interests.

On February 23, 2016, the Supreme People's Court promulgated the Interpretation on Several Issues Concerning the Application of the <PRC Property Law> (1), which were officially implemented on March 1. This judicial interpretation consists of 22 articles and further clarifies and details the protection of things. Specifically, it (1) facilitates parties' exercising their right to sue; (2) narrows the interpretation of “act of disposal” in pre-registration; (3) clarifies the scope of legal documents that cause a change in rights in rem, specifying that effective legal documents of people's courts and arbitration institutions can directly cause changes in rights in rem, without the requirement of registration and delivery, and once such a document enters into effect, the rights in rem become valid; (4) provides relatively practicable judicial protection for the right of first refusal of tenants in common, setting detailed regulations on equivalent conditions for the right of first refusal of tenants in common, the exercise period, the scope of the entity and protection; and (5) improves the system of acquisition in good faith.

10. What opportunities in this sector should foreign investors look out for in 2017?

Foreign investors still enjoy huge opportunities in this sector. On the one hand, from the gradual relaxation of access restrictions in the real estate industry at the central government level, foreign investors' entry costs have dropped markedly. On the other hand, the plan for industry upgrades in the project construction and real estate sector has increased the demand for the technologies, funds and management experience that foreign investors bring to the table, particularly in light of the Chinese government's current vigorous push for public-private partnership (PPP) projects.

1. 过去一年，有哪些影响外商投资房地产的重要政策？

在过去一年中，对外商投资房地产影响最大的政策应是住房城乡建设部、商务部、发改委等六部委于2015年8月27日联合发布《关于调整房地产市场外资准入和管理有关政策的通知》，与2006年公布的《关于规范房地产市场外资准入和管理的意见》相比，降低境外个人购房门槛，为境外资本进入市场提供便利。之后，济南、沈阳、北京等城市也陆续取消“限外令”。房地产开发企业到位资金利用外资金额得到大幅提升。

2. 过去12个月有什么主要的房地产交易？

2016年9月18日，联想控股和融创中国联合宣布签署战略合作框架，融创作价137.88亿正式收购联想控股附属公司融科智地41家目标公司相关股权及债权，涉及联想控股旗下包括北京、天津、重庆、杭州等16个城市42个物业项目权益。

公告显示，在首个框架协议中，融创房地产收购联想控股或融科智地包括的40家目标公司的目标股权，代价约34.77亿元。同时，包括境内目标债权代价约76亿元，及应计未付利息约12.8亿元。此外，还包括境外目标债权代价2.2亿港元和1.6亿美元，及应计未付利息约285万港元和约207万美元。框架协议二显示，联想控股作为卖方向融创房地产出售安信颐和的全部股权，代价为8700万元；以及安信颐和欠付卖方的未偿还股东借款5000万元，及应计但未付利息61.7万元。

3. 最近的政策和法规如何希望达致稳定房地产市场？

为了稳定房地产市场、遏制房价的非理性上涨，不少城市选择了重启“限购”“限贷”政策。有关统计显示，在2016年8~9月，有6个城市出台了相关的“限购”“限贷”政策，这6个城市均为近期房价上涨较快的二线城市，包括合肥、苏州、南京、武汉、厦门及杭州，其中苏州、厦门和杭州3个热点二线城市选择了重启“限购”措施，合肥、南京和武汉则以提高按揭贷款首付比例为主要手段升级了“限贷”政策。

在2016年9月30日，住建部在北京召开热点城市房地产工作部署会，对控房价、稳市场、防风险有关工作做出部署，强调一线城市要控制住、二线城市要稳定住、三四线城市要活起来。可以预见在较长的时间，政府对一二线城市，尤其是对北京、天津、上海、南京、苏州、无锡等16个热点城市将进一步采取措施稳定房价，防泡沫。

4. 外国投资者在中国开展建设项目最关心的是什么？有什么解决方案？

外国投资者在中国开展建设项目投资最关心的莫过于中国的法律法规的相关规定及政策调整，包括准入、审批、提交的材料、工程承包范围以及相应的监督管理机制。

对于这些关注点，外国投资者的最好解决方案是寻找在中国的专业人士，包括建筑工程领域的管理人员、律师、投资顾问等对其投资行为进行指导及预测，提供专业的建议。

5. 建设债券的意义是什么？

建设债券是指发债筹措的资金用于建设项目的债券。发行建设债券是房地产企业新的融资渠道，有利于进一步降低房地产企业的融资成本。与此同时，这也是债券市场互通互融的大势所趋。

债券市场互通互融会使得债券市场能够充分反映资金市场的信息，资金的价格会通过交易价格实时反映出来。面对一个分割的债券市场和混乱的利率期限结构，企业没有办法像面对统一的市场那样去获取融资成本的准确信息。低水平的债券市场无法与银行进行充分竞争，这会使得企业的融资成本难以下降。

6. 什么税适用于有限合伙设立的私人房地产基金？

这是一个十分复杂的问题，从中国中央政府到地方政府有不同的政策。从中国中央政府层面而言，《财政部、国家税务总局关于合伙企业合伙人所得税问题的通知》（财税[2008]159号）规定合伙企业生产经营所得和其他所得采取“先分后税”的原则。具体应纳税所得额的计算按照《关于个人独资企业和合伙企业投资者征收个人所得税的规定》（财税[2000]91号）及《财政部 国家税务总局关于调整个体工商户个人独资企业和合伙企业个人所得税税前扣除标准有关问题的通知》（财税[2008]65号）的有关规定执行。

我们认为，对于以合伙形式组织的房地产基金而言，有限合伙（LP）依据“先分后税”原则一般要承担所得税，自然人合伙人承担个人所得税（税率是20%还是5%-35%超额累计税率依各地税收政策而不同），公司合伙人承担企业所得税（税率25%）。而对于普通合伙（GP）而言，按照其收入种类（分红、管理费）不同，分别涉及到企业所得税、营业税等。

7. 您能描述一下房地产广告的收紧规定吗？

2015年9月1日起新广告法实行，2016年2月1日《房地产广告发布规定》亦正式执行，对房地产行业营销影响颇大，主要体现在：1、不得含有升值或者投资回报的承诺；2、不得以项目到达某一具体参照物的所需时间表示项目位置；3、不得对规划或者建设中的交通、商业、文化教育设施以及其他市政条件作误导宣传；4、预售房地产，但未取得该项目预售许可证的不得发布房地产广告；5、不得含有风水、占卜等封建迷信内容，对项目情况进行的说明、渲染，不得有悖社会良好风尚；6、房地产广告中不得出现融资或者变相融资的内容；7、房地产广告中不得含有广告主能够为入住者办理户口、就业、升学等事项的承诺；8、不得使用“国家级”、“最高级”、“最佳”等用语；9、房地产广告涉及内部结构、装修装饰的，应当真实、准确；10、房地产广告中涉及资产评估的，应当表明评估单位、估价师和评估时间；使用其他数据、统计资料、文摘、引用语的，应当真实、准确，表明出处；11、房地产广告中的项目位置示意图，应当准确、清楚，比例恰当。

8. 房地产交易契税和营业税有什么最新发展？

从2016 年5月1日开始，房地产业进行了营改增改革，对于销售不动产和转让土地使用权，增值税适用税率为11%，一般纳税人出售房地产老项目或老不动产的，可以选择适用一般计税方法或简易计税方法。如果选择一般计税方法，则适用11%的增值税税率，如果选择简易计税方法，则适用5%的征收率。此外，《关于全面推开营业税改增值税试点的通知》（财税【2016】36号）文还就各类情形下如何计算销售额进行了明确。

2016年2月20日，财政部、国家税务总局、住房城乡建设部联合发布了有关房地产交易契税及营业税的通知【财税（2016）23号】。契税方面：对个人购买家庭唯一住房（家庭成员范围包括购房人、配偶以及未成年子女），面积为90平方米及以下的，减按1%的税率征收契税；面积为90平方米以上的，减按1.5%的税率征收契税。对个人购买家庭第二套改善性住房，面积为90平方米及以下的，减按1%的税率征收契税；面积为90平方米以上的，减按2%的税率征收契税。家庭第二套改善性住房是指已拥有一套住房的家庭，购买的家庭第二套住房。营业税方面：个人将购买不足2年的住房对外销售的，全额征收营业税；个人将购买2年以上（含2年）的住房对外销售的，免征营业税。

9. 最高人民法院对《中华人民共和国物权法》的解释如何为房产纠纷提供清晰的指引？

《中华人民共和国物权法》已于2007年10月1日起施行。《物权法》是调整财产关系的民事基本法律，调整因物的归属和利用而产生的民事法律关系，是我国民法重要的组成部分，对我国社会主义市场经济的健康发展和保护公民各类财产权益发挥着巨大作用。最高人民法院于2016年2月23日发布《最高人民法院关于适用〈中华人民共和国物权法〉若干问题的解释（一）》，这部司法解释已于3月1日正式实施。该司法解释共22条，进一步明确细化了物的保护，具体而言：①司法解释便利了当事人诉权的行使；②对预告登记中的“处分行为”进行了限缩性解释；③发生物权变动的法律文书范围得到明确，人民法院、仲裁委员会的生效法律文书会直接导致物权的变动，不以登记、交付为生效要件，法律文书一经生效，即发生物权效力；④对按份共有人的优先购买权进行操作性较强的司法保护，对按份共有人优先购买权中同等条件的认定、行使期间、主体范围以及裁判保护等方面都进行了细化规定；⑤善意取得制度更加完善。

10. 这一领域的外国投资者在2017年有什么机遇是需要关注的？

外国投资者在这一领域依旧存在巨大机遇。一方面，从中国政府官方层面逐步放宽对这一行业的准入限制，外国投资者的进入成本显著下降；另一方面，中国在建设工程与房地产领域的产业升级规划使得这一领域对外国投资者的技术、资金及管理经验的需求增加，尤其是中国政府现在大力推进的PPP项目。

1. What were some important policies affecting foreign-invested real estate issued in the past year?

The Circular on Revising Relevant Policy on the Entry of Foreign Investment into the Real Property Market and the Administration Thereof (Circular) probably had the greatest impact on foreign investment in real estate this year. It was jointly issued by six ministerial level authorities, including the Ministry of Housing and Urban-rural Development, the Ministry of Commerce and the National Development and Reform Commission on August 27, 2015. Compared with the Opinions on Regulating the Entry of Foreign Investment into the Real Property Market and the Administration Thereof promulgated in 2006, the Circular lowers the threshold for housing purchases by foreign individuals and facilitates the entry of foreign capital into the market. Subsequently, cities such as Jinan, Shenyang and Beijing have successively repealed their orders for placing restrictions on foreign investment. The move resulted in a large increase in the use of foreign finances in the paid-in funds of real estate development enterprises.

2. What was a major real estate transaction from the past 12 months?

On September 18, 2016, Legend Holdings and Sunac China announced that Sunac would formally acquire the equity and debt of 41 companies of Legend Holdings' subsidiary, Raycom Real Estate, for Rmb13.788 billion. The deal involves the purchase of rights and interests in 42 Legend Holdings property projects in 16 cities, including Beijing, Tianjin, Chongqing and Hangzhou.

The announcement under the initial cooperation framework agreement reveals that the consideration for Sunac's acquisition of the 40 target companies owned by Legend Holdings or Raycom Real Estate will be approximately Rmb3.477 billion. Also included is approximately Rmb7.6 billion for the target's domestic debt, and an accrued but unpaid interest of approximately Rmb1.28 billion, as well as HK$220 million and US$160 million for the its offshore debt, and an accrued but unpaid interest of approximately HK$2.85 million and US$2.07 million.

The second agreement shows that Legend Holdings is to sell all of the equity in Ensen Care to Sunac for Rmb87 million; as well as an outstanding shareholder loan of Rmb50 million owed by Ensen Care to the seller, and an accrued but unpaid interest of Rmb617,000.

3. How have recent policies and regulations aimed to stabilize the property market?

In order to stabilize the real estate market and monitor unreasonable property price increases, a number of cities have opted to reimpose “purchase restriction” and “loan restriction” policies. Between August and September 2016, six second-tier cities—Hefei, Suzhou, Nanjing, Wuhan, Xiamen and Hangzhou—implemented such measures after experiencing relatively rapid rises in property prices. Specifically, Suzhou, Xiamen and Hangzhou opted to reimpose purchase restrictions, while Hefei, Nanjing and Wuhan intensified loan restrictions, which mainly involve increasing the percentage of the down payment for a mortgage loan.

On September 30, 2016, the Ministry of Housing and Urban-rural Development held a work deployment meeting in Beijing on the topic of real estate in key cities. It made arrangements for property price controls, market stabilization and risk prevention, and stressed that first-tier cities need to control their housing markets, second-tier cities must stabilize them, and third and fourth-tier cities must invigorate them. It can be anticipated that, in the long run, the government will take further measures to stabilize real estate prices and prevent a bubble in first and second-tier cities, particularly in 16 key cities including Beijing, Tianjin, Shanghai, Nanjing, Suzhou and Wuxi.

4. What are foreign investors carrying out construction projects in China most concerned about? What are the solutions?

The biggest concerns of foreign investors investing in Chinese construction projects are relevant legislation and policy revisions, including those relating to access, examination and approval, submission materials, the scope of project contracting and the corresponding regulatory mechanisms.

The best solution for foreign investors is to find professionals in China, including management personnel, lawyers and investment advisors who are familiar with the construction sector to guide and preview their projects and provide expert advice.

5. What is the significance of construction bonds?

The proceeds of construction bonds are used for a construction project. The offering of construction bonds is a new financing channel open to real estate enterprises that is conducive to further reducing their funding costs.

This is also driven by the major integration trends in the bond market, which are aimed at fully reflecting fund market information with real time transaction prices. In the face of a segmented bond market and a chaotic interest rate term structure, enterprises are unable to obtain accurate data on financing costs as they would be able to in a unified market. A low-level bond market cannot compete with banks, making it difficult for enterprises to reduce their funding costs.

6. What taxes apply to private real estate funds organized as limited partnerships?

This is a very complex issue, as policies vary from the central to local governments. At the central level, the Ministry of Finance and State Administration of Taxation's Circular on Income Tax Issues of Partners of Partnerships (Cai Shui [2008] No.159) specifies that the principle of “distribution first, then tax” applies to the production, business revenue and other income of partnerships. The specific calculation of taxable income is handled according to the Provisions on the Levy of Individual Income Tax on Investors in Wholly Individually-owned and Partnerships (Cai Shui [2000] No.91) and the Circular on Issues Relevant to the Revision of the Rates of Pre-tax Deductions from Individual Income Tax of Family Proprietorships, Wholly Individually-owned Enterprises and Partnerships (Cai Shui [2008] No.65).

We would argue that, with respect to a REIT organized in the form of a partnership, limited partnerships (LPs) are generally subject to income tax in accordance with the principle of “distribution first, then tax”, with natural person partners liable for individual income tax (at a rate of 20% or an excessive progressive rate of 5% to 35% as determined by specific regional tax policies) and corporate partners liable for enterprise income tax (at 25%). As for general partnerships (GPs), they are responsible for paying enterprise income tax, business tax and others depending on the type of income (dividends and management fees).

7. Can you describe the tightened regulations on real estate advertisements?

The new PRC Advertising Law came into effect on September 1, 2015, and the Provisions for the Dissemination of Real Estate Advertisements were implemented on February 1, 2016. These have a significant impact on marketing in the real estate industry, setting the following rules for advertisements:

(1) implying an increase in value or investment returns is prohibited;

(2) mentioning the time it takes to reach a specific reference point as a means of indicating the location of the project is prohibited;

(3) providing misleading information on the transportation, commercial, cultural or educational facilities or others being planned or under construction is prohibited;

(4) disseminating advertisements for real estate that is to be pre-sold but for which a pre-sale certificate has not been secured is prohibited;

(5) advertisements containing fengshui, divination or other superstitious content are prohibited, and any explanatory details of projects must adhere to fair social customs;

(6) advertisements containing content pertaining to financing or financing in disguised form are prohibited;

(7) advertisements suggesting the advertiser can handle matters such as household residency, employment and schooling for new occupants are prohibited;

(8) the use of terms such as “state-level”, “top-level” and “the best” is prohibited;

(9) any mentions of a property's internal structure, interior design or furnishings must be true and accurate;

(10) if an assessment of the real estate value is mentioned in an advertisement, the names of the assessing entity, individual and the date of the assessment must be indicated. Other figures such as statistical data, abstracts or citations used must also be accurate and indicate the source; and

(11) the project's location map and proportions must be accurate and clear.

8. What are the latest developments in deed tax and business tax on real estate transactions?

On May 1, 2016, China rolled out the business tax to value-added tax (VAT) reform to the real estate industry, setting the VAT rate for the sale of immovable property and the transfer of land use rights at 11%. A general taxpayer selling an existing real estate project or immovable property can choose to apply either the general tax method, which applies a VAT rate of 11%, or the simplified method, which imposes a 5% rate. Furthermore, the Circular on Comprehensively Launching a Pilot Project for the Levy of Value-added Tax in Place of Business Tax (Cai Shui [2016] No.36) specifies how the sales amount is to be calculated under various circumstances.

On February 20, 2016, the Ministry of Finance, the State Administration of Taxation and Ministry of Housing and Urban-rural Development jointly issued a circular on deed tax and business tax on real estate transactions (Cai Shui (2016) No.23). In terms of deed tax: where an individual purchases residential property for the household (where the scope of household members includes the buyer, his/her spouse and their minor children), and the area of the property is 90 square meters or less, deed tax will be levied at the reduced rate of 1%, while if the area is greater than 90 square meters, the rate is 1.5%. For a purchase of a second residential unit (for upgrade purposes) with an area of 90 square meters or less, the applicable deed tax is 1%, and of greater size, 2%. As for business tax, an individual who sells his residential property within two years of his purchase must pay business tax in full. Property sales after two years are exempt from the tax.

9. How does the Supreme People's Court's interpretation on the PRC Property Law provide clarity on property disputes?

The PRC Property Law was implemented on October 1, 2007, and is a fundamental civil law that regulates relationships that arise in connection with the vesting and utilization of property. It is an integral part of civil law in China and plays a major role in the healthy development of the socialist market economy and the protection of citizens' property rights and interests.

On February 23, 2016, the Supreme People's Court promulgated the Interpretation on Several Issues Concerning the Application of the <PRC Property Law> (1), which were officially implemented on March 1. This judicial interpretation consists of 22 articles and further clarifies and details the protection of things. Specifically, it (1) facilitates parties' exercising their right to sue; (2) narrows the interpretation of “act of disposal” in pre-registration; (3) clarifies the scope of legal documents that cause a change in rights in rem, specifying that effective legal documents of people's courts and arbitration institutions can directly cause changes in rights in rem, without the requirement of registration and delivery, and once such a document enters into effect, the rights in rem become valid; (4) provides relatively practicable judicial protection for the right of first refusal of tenants in common, setting detailed regulations on equivalent conditions for the right of first refusal of tenants in common, the exercise period, the scope of the entity and protection; and (5) improves the system of acquisition in good faith.

10. What opportunities in this sector should foreign investors look out for in 2017?

Foreign investors still enjoy huge opportunities in this sector. On the one hand, from the gradual relaxation of access restrictions in the real estate industry at the central government level, foreign investors' entry costs have dropped markedly. On the other hand, the plan for industry upgrades in the project construction and real estate sector has increased the demand for the technologies, funds and management experience that foreign investors bring to the table, particularly in light of the Chinese government's current vigorous push for public-private partnership (PPP) projects.

1. 过去一年，有哪些影响外商投资房地产的重要政策？

在过去一年中，对外商投资房地产影响最大的政策应是住房城乡建设部、商务部、发改委等六部委于2015年8月27日联合发布《关于调整房地产市场外资准入和管理有关政策的通知》，与2006年公布的《关于规范房地产市场外资准入和管理的意见》相比，降低境外个人购房门槛，为境外资本进入市场提供便利。之后，济南、沈阳、北京等城市也陆续取消“限外令”。房地产开发企业到位资金利用外资金额得到大幅提升。

2. 过去12个月有什么主要的房地产交易？

2016年9月18日，联想控股和融创中国联合宣布签署战略合作框架，融创作价137.88亿正式收购联想控股附属公司融科智地41家目标公司相关股权及债权，涉及联想控股旗下包括北京、天津、重庆、杭州等16个城市42个物业项目权益。

公告显示，在首个框架协议中，融创房地产收购联想控股或融科智地包括的40家目标公司的目标股权，代价约34.77亿元。同时，包括境内目标债权代价约76亿元，及应计未付利息约12.8亿元。此外，还包括境外目标债权代价2.2亿港元和1.6亿美元，及应计未付利息约285万港元和约207万美元。框架协议二显示，联想控股作为卖方向融创房地产出售安信颐和的全部股权，代价为8700万元；以及安信颐和欠付卖方的未偿还股东借款5000万元，及应计但未付利息61.7万元。

3. 最近的政策和法规如何希望达致稳定房地产市场？

为了稳定房地产市场、遏制房价的非理性上涨，不少城市选择了重启“限购”“限贷”政策。有关统计显示，在2016年8~9月，有6个城市出台了相关的“限购”“限贷”政策，这6个城市均为近期房价上涨较快的二线城市，包括合肥、苏州、南京、武汉、厦门及杭州，其中苏州、厦门和杭州3个热点二线城市选择了重启“限购”措施，合肥、南京和武汉则以提高按揭贷款首付比例为主要手段升级了“限贷”政策。

在2016年9月30日，住建部在北京召开热点城市房地产工作部署会，对控房价、稳市场、防风险有关工作做出部署，强调一线城市要控制住、二线城市要稳定住、三四线城市要活起来。可以预见在较长的时间，政府对一二线城市，尤其是对北京、天津、上海、南京、苏州、无锡等16个热点城市将进一步采取措施稳定房价，防泡沫。

4. 外国投资者在中国开展建设项目最关心的是什么？有什么解决方案？

外国投资者在中国开展建设项目投资最关心的莫过于中国的法律法规的相关规定及政策调整，包括准入、审批、提交的材料、工程承包范围以及相应的监督管理机制。

对于这些关注点，外国投资者的最好解决方案是寻找在中国的专业人士，包括建筑工程领域的管理人员、律师、投资顾问等对其投资行为进行指导及预测，提供专业的建议。

5. 建设债券的意义是什么？

建设债券是指发债筹措的资金用于建设项目的债券。发行建设债券是房地产企业新的融资渠道，有利于进一步降低房地产企业的融资成本。与此同时，这也是债券市场互通互融的大势所趋。

债券市场互通互融会使得债券市场能够充分反映资金市场的信息，资金的价格会通过交易价格实时反映出来。面对一个分割的债券市场和混乱的利率期限结构，企业没有办法像面对统一的市场那样去获取融资成本的准确信息。低水平的债券市场无法与银行进行充分竞争，这会使得企业的融资成本难以下降。

6. 什么税适用于有限合伙设立的私人房地产基金？

这是一个十分复杂的问题，从中国中央政府到地方政府有不同的政策。从中国中央政府层面而言，《财政部、国家税务总局关于合伙企业合伙人所得税问题的通知》（财税[2008]159号）规定合伙企业生产经营所得和其他所得采取“先分后税”的原则。具体应纳税所得额的计算按照《关于个人独资企业和合伙企业投资者征收个人所得税的规定》（财税[2000]91号）及《财政部 国家税务总局关于调整个体工商户个人独资企业和合伙企业个人所得税税前扣除标准有关问题的通知》（财税[2008]65号）的有关规定执行。

我们认为，对于以合伙形式组织的房地产基金而言，有限合伙（LP）依据“先分后税”原则一般要承担所得税，自然人合伙人承担个人所得税（税率是20%还是5%-35%超额累计税率依各地税收政策而不同），公司合伙人承担企业所得税（税率25%）。而对于普通合伙（GP）而言，按照其收入种类（分红、管理费）不同，分别涉及到企业所得税、营业税等。

7. 您能描述一下房地产广告的收紧规定吗？

2015年9月1日起新广告法实行，2016年2月1日《房地产广告发布规定》亦正式执行，对房地产行业营销影响颇大，主要体现在：1、不得含有升值或者投资回报的承诺；2、不得以项目到达某一具体参照物的所需时间表示项目位置；3、不得对规划或者建设中的交通、商业、文化教育设施以及其他市政条件作误导宣传；4、预售房地产，但未取得该项目预售许可证的不得发布房地产广告；5、不得含有风水、占卜等封建迷信内容，对项目情况进行的说明、渲染，不得有悖社会良好风尚；6、房地产广告中不得出现融资或者变相融资的内容；7、房地产广告中不得含有广告主能够为入住者办理户口、就业、升学等事项的承诺；8、不得使用“国家级”、“最高级”、“最佳”等用语；9、房地产广告涉及内部结构、装修装饰的，应当真实、准确；10、房地产广告中涉及资产评估的，应当表明评估单位、估价师和评估时间；使用其他数据、统计资料、文摘、引用语的，应当真实、准确，表明出处；11、房地产广告中的项目位置示意图，应当准确、清楚，比例恰当。

8. 房地产交易契税和营业税有什么最新发展？

从2016 年5月1日开始，房地产业进行了营改增改革，对于销售不动产和转让土地使用权，增值税适用税率为11%，一般纳税人出售房地产老项目或老不动产的，可以选择适用一般计税方法或简易计税方法。如果选择一般计税方法，则适用11%的增值税税率，如果选择简易计税方法，则适用5%的征收率。此外，《关于全面推开营业税改增值税试点的通知》（财税【2016】36号）文还就各类情形下如何计算销售额进行了明确。

2016年2月20日，财政部、国家税务总局、住房城乡建设部联合发布了有关房地产交易契税及营业税的通知【财税（2016）23号】。契税方面：对个人购买家庭唯一住房（家庭成员范围包括购房人、配偶以及未成年子女），面积为90平方米及以下的，减按1%的税率征收契税；面积为90平方米以上的，减按1.5%的税率征收契税。对个人购买家庭第二套改善性住房，面积为90平方米及以下的，减按1%的税率征收契税；面积为90平方米以上的，减按2%的税率征收契税。家庭第二套改善性住房是指已拥有一套住房的家庭，购买的家庭第二套住房。营业税方面：个人将购买不足2年的住房对外销售的，全额征收营业税；个人将购买2年以上（含2年）的住房对外销售的，免征营业税。

9. 最高人民法院对《中华人民共和国物权法》的解释如何为房产纠纷提供清晰的指引？

《中华人民共和国物权法》已于2007年10月1日起施行。《物权法》是调整财产关系的民事基本法律，调整因物的归属和利用而产生的民事法律关系，是我国民法重要的组成部分，对我国社会主义市场经济的健康发展和保护公民各类财产权益发挥着巨大作用。最高人民法院于2016年2月23日发布《最高人民法院关于适用〈中华人民共和国物权法〉若干问题的解释（一）》，这部司法解释已于3月1日正式实施。该司法解释共22条，进一步明确细化了物的保护，具体而言：①司法解释便利了当事人诉权的行使；②对预告登记中的“处分行为”进行了限缩性解释；③发生物权变动的法律文书范围得到明确，人民法院、仲裁委员会的生效法律文书会直接导致物权的变动，不以登记、交付为生效要件，法律文书一经生效，即发生物权效力；④对按份共有人的优先购买权进行操作性较强的司法保护，对按份共有人优先购买权中同等条件的认定、行使期间、主体范围以及裁判保护等方面都进行了细化规定；⑤善意取得制度更加完善。

10. 这一领域的外国投资者在2017年有什么机遇是需要关注的？

外国投资者在这一领域依旧存在巨大机遇。一方面，从中国政府官方层面逐步放宽对这一行业的准入限制，外国投资者的进入成本显著下降；另一方面，中国在建设工程与房地产领域的产业升级规划使得这一领域对外国投资者的技术、资金及管理经验的需求增加，尤其是中国政府现在大力推进的PPP项目。