The Property Puzzle

The influential acquisition projects in the real estate markets during the past 12 months include:

• Sunac's purchase of equity and claims in 42 property projects of Raycom Real Estate, a subsidiary of Legend Holdings, for Rmb13.8 billion in September 2016;
• Greenland's acquisition of 40% of the equity of Sincere Yuanchuang for Rmb5.2 billion in November 2016;
• CMIG's acquisition of 53% of the equity of Yida China for HK$3 billion in November 2016 with a comprehensive pre-offer to acquire the rest;
• the acquisition of an asset bundle consisting of 15 companies, including Hangzhou Zhongda Shengma Property and Zhejiang Wuchan Liangzhu Gardens, and total claims of Rmb9.1 billion against the above target companies held by Wuchan Zhongda and its subsidiaries by Yango for Rmb10.5 billion in November 2016;
• Vanke's acquisition of 96.6% of the equity of Yinli Group for $1.9 billion (Rmb12.9 billion) in October 2016; and
• Wanda Commercial's transfers of 77 hotels, including Wanda Realm Beijing, to R&F Properties for Rmb19.9 billion, and 91% of the equity in 13 cultural and tourism projects, including the Xishuangbanna Wanda Cultural and Tourism Project and Nanchang Wanda Cultural and Tourism Project, to Sunac China for Rmb43.8 billion in July 2017, totaling Rmb63.8 billion for the two projects. These have been the most notable real estate deals from the past year.

The main funding channels for M&A transactions in the real estate market include private equity financing, bank loans, REITs, and corporate bond offerings, which, however, are currently subject to a series of relatively new credit financing policies.

3. How has recent legislation aimed to stabilize the real estate market?

Aiming to address the “overheating” real estate market in certain cities since 2016, governments have issued a series of stabilizing policies. Measures include:

(1)   favored cities around the country have issued policies restricting purchases and limiting lending in order to clamp down on real estate speculation;

(2)   a flurry of regulations restricting and regulating the financing of real estate enterprises and personal housing purchase loans and other financing (see questions 7 and 9) was issued between the end of 2016 and early 2017;

(3)   the Ministry of Housing and Urban-rural Development (MOHURD) and the Ministry of Land and Resources jointly issued the Circular on the Work Associated with Strengthening Administration and Control of Housing and Land Supply at Present in April 2017, mandating a reasonable supply of housing and land, and increasing housing protection so as to encourage a stable and healthy real estate market; and

(4)   MOHURD, together with eight other departments, jointly issued a document reflecting the central government's plan for fostering and regulating a housing rental market and encouraging enterprises to expand housing rental businesses.

4. What are foreign investors carrying out construction projects in China most concerned about? How can they address these concerns?

Industrial policy and market access issues are of greatest concern to foreign investors.

Their entry into the real estate and project construction industry has gradually been eased over the past few years. Under the 2017 Foreign Investment Industrial Guidance Catalogue, foreign investors essentially face no access restrictions in the real estate and project construction sector, except in the construction of certain key infrastructure and public utilities, such as nuclear power stations, power grids, urban gas, heat, and water supply/drainage conduits for cities with a population of more than 500,000, arterial railway networks, civilian airports, gas stations, and cinemas, to which access by foreign investors continues to be restricted or requires a Chinese party to have a controlling interest.

Furthermore, at the beginning of this year, China issued a policy supporting lawful and compliant participation by foreign investors in the construction of infrastructure through concessions, such as for energy, transport, water resources, environmental protection, infrastructure and public utilities. These apply equally to the construction and operation of foreign-invested concession projects, so as to encourage foreign participation in public-private partnership projects.

A foreign investor planning to launch a real estate construction project in China must apply to establish a foreign-invested real estate development enterprise or acquire a domestic real estate development enterprise. With respect to the former, the foreign investor must first secure land use rights and ownership of the building, or execute an advance grant/purchase agreement for land use rights or property title with the land administrative department or land developer/building owner. It can engage in the project once it has carried out the examination and approval or record filing procedures, completed the registration of establishment and has secured the necessary real estate development qualifications. As for acquiring a domestic company, the examination and approval procedure does not substantially differ from that for M&A in ordinary industries.

5.  Can you describe the significance of construction bonds?

The proceeds from construction bond offerings are used for the construction of a project. For certain large infrastructure projects and public utilities that require enormous spending, relying solely on fiscal allocations may be insufficient. To mitigate construction funding pressures, the authorities will often raise the required funds using loans to carry out the construction. Construction bonds can provide owners with powerful funding support for large projects, while also reducing the need for the government to issue sovereign bonds.

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

The “distribute first, then tax” system currently applies to private real estate funds organized as limited partnerships. In other words, a private fund is not required to pay income tax; rather it is the partners of the private fund that pay income tax on the income derived from the fund. A partner pays individual income tax if it is a natural person, and pays enterprise income tax if it is a legal person or other organization.

7. What is the impact of the recent curbs on private fund investment in real property?

As a means of curbing speculation and stabilizing the real estate market, the central government has prohibited securities and futures firms from establishing private asset management plans to invest in ordinary residential projects in favored cities where prices are rising too rapidly. Methods that have been banned include using entrusted loans, nested investment trust plans, or other financial products; acquiring beneficial rights in trusts or other assets; acquiring equity in real estate development enterprises actually by means of debt but nominally by means of shares or other method deemed to be debt investment; providing financing to real estate enterprises for the payment of land premiums or addition of working capital; and extending down payment loans. These also apply mutatis mutandis to investments in real estate development enterprises and projects by private investment funds. Private asset management plans and private funds are required to carry out internal controls and assessments in accordance with substantive and drill-down review standards so as to ensure compliance with these policies.

Private funds may therefore need to revise their investment strategy, while developers and acquirers of real estate projects should redesign their financing plans.

Despite the increasing wariness among private funds regarding real estate, the new policies are not aimed at prohibiting all “genuine investments”. Standard bond, stock, and equity investments are permitted, so non-ordinary housing projects in favored cities and real estate projects in other cities remain legal. The policies' aim is to drive hot money out of overactive sectors so as to limit market distortion and reduce financing risks, offer room for businesses and long-term investors, and guide idle funds into sectors that are truly short of funds.

8. What are the latest developments in value-added tax in the real estate sector?

Following the complete rollout of the business tax (BT) to value-added tax (VAT) reform in real estate sector, more details and improvements have been added to the VAT rules applicable to the sector. The most recent developments include:

(1) for a real estate development enterprise:

(i)     if it establishes a project company to develop the land after paying the land premium to the government authority, subject to satisfaction of certain conditions, the premium amount may be deducted when calculating the VAT payable by the project company;

(ii)   if it is a general taxpayer, for the purposes of calculating the VAT payable, the land requisitioning, demolition, and relocation compensation paid to the authorities, land development startup costs and land grant revenues may be deducted when calculating the sales turnover for a self-developed real estate project (old projects that have used the simplified tax calculation method are exempt); and

(iii) if it sells a self-developed real estate project using the advance payment method, for the purposes of calculating the land VAT payable in advance, it may use the simplified method of deducting the VAT payable in advance from the advance payments when calculating the tax base;

(2) in a real estate transfer transaction: for the purposes of calculating the land VAT, the VAT is expressly excluded from the taxable income; and the urban construction tax and education surcharge paid by the enterprise may be deducted.

On June 1, 2017, the construction industry was officially brought into the pilot project through which small-scale VAT payers may issue dedicated VAT invoices, allowing qualified construction enterprises to do the same.

9. How have top-tier cities including Beijing and Shanghai recently adapted their loan and mortgage policies?

In response to central government policies, first-tier cities have made various moves to strengthen the administration of housing credit, control relevant loan risks, and rein in land loans. Specific measures taken include:

• strictly controlling the entry of credit funds, bank wealth management funds, and trust loans into the real estate sector;
• strictly prohibiting debt financing by enterprises for commercial real estate projects, with the exception of projects for low-income housing, slum redevelopment, and resettlement housing;
• requiring banks to conduct drill-down reviews of real estate enterprises' use of loans, as well as requiring drilling down to the ultimate debtor in SPV investments;
• strictly prohibiting trust companies from (i) extending trust loans for the payment of land premiums, or directly or indirectly extending working capital trust loans to real estate development enterprises; (ii) facilitating violations of laws or regulations, such as extending down payment loans; or (iii) extending trust loans to individuals for housing purchases;
• strictly prohibiting private asset management plans and private funds from investing in ordinary housing real property projects in Beijing, Shanghai and 14 other favored cities through bank entrusted loans, “by means of debt but nominally by means of shares” or any other method deemed to be a debt investment, or from providing financing to real estate enterprises to supplement working capital or pay land premiums;
• certain banks in favored cities have tightened housing purchase mortgage loans, increasing the down payment percentage for second units and raising the interest rate on second units, and some have suspended the extension of housing purchase mortgage loans to individuals;
• strictly prohibiting organizations that have not secured the relevant financial qualifications from engaging in real estate financing businesses through P2P online lending platforms or equity crowdfunding platforms, and prohibiting qualified ones from engaging in real estate financing-related businesses in violation of regulations; regulating acts such as “crowdfunding housing purchases” on the internet and banning organizations from engaging in any “down payment lending” business;
• top-tier cities have also issued local regulatory measures based on their specific circumstances, for instance the Shanghai Stock Exchange has tightened bond offerings by real estate enterprises and subjects them to differential regulation, while the banks in Beijing have suspended the extension of commercial housing mortgage loans since April this year.

10. What opportunities in this sector should foreign investors look out for in 2018?

Urban renewal and property re-development may harbor considerable opportunities. Land resources in core areas of top-tier cities in China are increasingly scarce and the spaces for greenfield projects are shrinking. However, properties that have faced decline from age and passing trends but nonetheless have a historical reputation, could appeal to the market once more following renovation and reorientation.

The regions adjacent to top-tier cities may present new opportunities for foreign investors. The central government has decided to enhance the links between these areas and the big cities themselves, which would bring considerable economic growth and investment returns in these regions.

The document recently released by MOHURD and eight other departments on supporting a housing rental market states that the government will encourage enterprises to expand their housing rental business, enhance financial support for housing rental enterprises, establish a governmental housing rental transaction service platform, and regulate the market itself. This reform presents more commercial opportunities in China's real estate market.

The tightening monetary policies for the real estate market have created funding pressures for onshore parties. Now may be the time for foreign investors with an interest in the Chinese market to consider local partnerships and M&A.

The transforming Chinese real estate market's stringent quality control requirements also complement the values largely held by foreign investors, who will be able to build market recognition by offering quality products and services.

Yong Xie, Partner

Jin Mao Partners

Yong Xie is a founding partner of Jin Mao Partners, based in the Shanghai offi ce. He has rich experience in M&A, banking and fi nance, BOT projects, commercial real estate, capital markets, PE & VC, and cross-border transactions.

Mr. Xie has acted as PRC counsel for many multinational companies, foreign investors, private companies and state-owned enterprises on their overseas listings, M&A, FDI, BOT, and fi nancing projects, including Mapletree's REIT IPO in Singapore, IBM's sale of its PC business to Lenovo, QMD's chip plant in Suzhou, Shanghai medical waste treatment concession, and QMD's spin-off of its China business to Infi neon Technologies. He is a member of the Shanghai Bar Association and the All China Lawyers Association. He has been recognized by China Law & Practice as one of the region's leading commercial lawyers since 2003.

He received his LL.B. from Shanghai University and his LL.M. from New York University School of Law. His working languages are Chinese and English.

Jingyi Zhao, Partner

Jin Mao Partners

Jingyi Zhao is a partner at Jin Mao Partners, based in the Shanghai offi ce. She has rich experience in outbound investment, FDI, M&A and PE. She has represented many SOEs and private and multinational companies in their investments and fi nancing projects, including China Three Gorges Group's acquisition of shares in Energias De Portugal as well as other power industry investments in Europe and Brazil, Hainan State Farm and China Hainan Rubber Industry Group's joint acquisition of Singapore-based R1 International, several equity investments by China Integrated Circuit Industry Investment Fund, and Changyuan Group's acquisition of Huasheng Chemical. Ms. Zhao also provides general legal consulting services to Wilmar International, China Development Bank, China Minmentals Corp., and China National Nuclear Corp.

Ms. Zhao obtained her LL.B. from Peking University School of Law and LL.M. from Tsinghua University School of Law. She is admitted to practice in the PRC. Her working languages are Chinese and English.

1. 过去一年，有哪些最重要的房地产和土地供应政策？

2016年11月4日，《中共中央国务院关于完善产权保护制度依法保护产权的意见》发布，提出要研究住宅建设用地等土地使用权到期后续期的法律安排，推动形成全社会对公民财产长久受保护的良好和稳定预期。社会各界普遍认为该意见是政府对个人住宅土地使用权70年到期后自动续期的重要信号。2016年12月31日，《国土资源部、国家发展和改革委员会、财政部等关于扩大国有土地有偿使用范围的意见》发布，该意见特别提出了对可以使用划拨土地的能源、环境保护、保障性安居工程、养老、教育、文化、体育及供水、燃气供应、供热设施等项目，除可按划拨方式供应土地外，鼓励以出让、租赁方式供应土地，支持市、县政府以国有建设用地使用权作价出资或者入股的方式提供土地，与社会资本共同投资建设。

另外，去年政府出台了一系列限制、规范房地产开发企业融资的法规、政策，实质上增加了热点城市普通住宅领域房地产开发企业拿地和项目开发建设的难度，对住宅供应产生了一定的影响。

2. 过去12个月有哪些主要的房地产交易？它们是如何融资的？

在过去的十二个月内，房地产市场上有影响力的并购项目包括：

• 2016年9月融创以138亿元收购联想旗下的融科智地42个物业项目股权及债权；
• 2016年11月绿地以52亿元收购协信远创40%股权；
• 2016年11月中民投以30亿港币收购亿达中国53%股权并拟全面要约收购亿达中国；
• 2016年11月阳光城以105亿元收购杭州大圣马置业及浙江物产良渚花苑等15家公司组成的资产包，以及物产中大及其子公司对前述被收购公司合计91亿元的债权；
• 2016年10月万科以19亿美元（折合人民币129亿元）收购印力集团96.6%的股权；
• 2017年7月万达商业将北京万达嘉华等77个酒店以199亿元的价格转让给富力地产，将西双版纳万达文旅项目、南昌万达文旅项目等13个文旅项目91%股权以438亿元的价格转让给融创中国，两项交易总金额为638亿元。万达的此项交易系过去一年房地产市场最为引人瞩目的重大交易。

房地产市场并购交易的主要融资渠道包括：私募股权融资、银行贷款、房地产信托、发行公司债等，但目前受限于该领域一系列信贷金融新政。

3. 最近的法规如何希望达致稳定房地产市场？

针对自2016年以来部分城市房地产市场过热的情况，政府出台了一系列稳定市场的政策，包括：

（1）     全国热点城市出台了限购限贷政策从而打击投机炒房；

（2）     2016年年底到2017年年初，密集出台了限制并规范房地产企业融资以及个人购房贷款、融资等的规定或政策（见问题7、9）；

（3）     2017年4月，住建部、国土部联合发布《关于加强近期住房及用地供应管理和调控有关工作的通知》，要求合理安排住宅用地供应，加大住房保障力度，从而促进房地产市场平稳健康发展；

（4）     日前，住建部等9部门联合发文传递中央加快培育住房租赁市场的立场，政府将鼓励企业拓展住房租赁业务，规范住房租赁市场。

4. 外国投资者在中国开展建设项目最关心的是什么？他们如何解决这些问题？

产业政策和市场准入是外国投资者最关心的问题。

近几年中国对于外资进入房地产和工程建设行业已逐渐松绑，2017年最新修订的《外商投资产业指导目录》，除了核电站、电网、城市人口50万以上的城市燃气、热力和供排水管网、铁路干线路网、民用机场、加油站、电影院等部分重要基建设施和公共设施的建设仍实行限制外商准入或者实行中方控股的限制措施之外，外商投资其他房地产和工程建设领域基本已经不再存在准入限制。

此外，中国已于今年初发布政策，支持外资依法依规以特许经营方式参与基础设施建设，包括能源、交通、水利、环保、市政公用工程等；相关支持政策同等适用于外资特许经营项目建设运营，以此鼓励外资参与政府和社会资本合作项目。

外国投资者拟在中国境内开展房地产建设项目，应当申请设立外商投资房地产开发企业或者并购中国境内的房地产开发企业。对于申请设立房地产开发企业，应先取得土地使用权、房地产建筑物所有权，或已与土地管理部门、土地开发商/房地产建筑物所有人签订土地使用权或房产权的预约出让/购买协议，经办理审批或备案手续、完成设立登记并获得房地产开发资质后，可从事房地产开发建设项目；对于并购中国境内的房地产开发企业的，与外资并购普通行业企业的审批程序并无实质差别。

5. 您可以说明一下建设债券的重要性吗？

建设债券是发债筹措的资金用于建设项目的债券。对于部分花费巨大的大型基础性项目和公共设施的建设，由于这些建设项目耗资十分巨大，仅仅依靠财政拨款已无法支撑庞大的资金需求。为了缓解建设资金压力，政府机构常通过举借债务筹集专项资金开展建设。从建设方的角度而言，建设债券可以为建设大型基础性项目和公共设施建设提供有力资金支持，并从一定程度上减轻中央政府国债发行的压力。

6. 什么税项适用于以有限合伙形式设立的房地产私募基金？

目前有限合伙形式的房地产私募基金适用“先分后税”的税制，即私募基金无需缴纳所得税，而是由私募基金的合伙人就其从私募基金中所获的收益缴纳所得税。合伙人是自然人的，缴纳个人所得税；合伙人是法人和其他组织的，缴纳企业所得税。

7. 最近对私募基金投资房地产的制约，带来了什么影响？

近期，中央政府为打击房地产市场投机行为、平稳房地产市场，禁止证券期货经营机构设立私募资产管理计划，以委托贷款、嵌套投资信托计划及其他金融产品、受让信托受益权及其他资产收（受）益权、以名股实债的方式受让房地产开发企业股权以及其他被认定的债权投资方式投资于房地产价格上涨过快热点城市普通住宅地产项目，禁止向房地产企业提供融资，用于支付土地出让价款或补充流动资金，禁止为各类机构发放首付贷。私募投资基金业务投资房地产开发企业、项目的，亦参照适用前述禁令。根据该等政策，私募资产管理计划或私募基金需要开展内控和内查，以实质审查和穿透审查的标准，保证其对这些政策的遵守。

为避开新政划定的禁区，私募基金可能需要调整其投资策略；房地产开发企业和房地产项目收购者则可能有必要重新规划自己的融资方案。

虽然很多私募基金的确对房地产投资越来越谨慎，但这次的新政并不意在禁止对该行业的所有“诚意投资”。对标准债券和股票以及股权的投资并不禁止，热点城市的非普通住宅项目和其它城市的房地产项目仍然是合法标的。该等政策的目标是将热钱驱逐出过热领域以减少市场扭曲、降低房地产金融风险，为实业家和长期投资者腾挪空间，并将闲置资金引导至真正资金短缺的领域。

8. 房地产交易增值税有什么最新发展？

自中国在房地产领域全面推行营改增以来，对房地产适用的增值税规则一直在细化和改进，最近的发展包括：

（1）对房地产开发企业来说，

(i)         如果其在向政府部门支付土地价款后再设立项目公司对土地进行开发，在符合一定条件的前提下，在计算项目公司应缴纳的增值税时，其已支付的土地价款可以扣除；

(ii)        如果其为一般纳税人，为计算其应缴纳的增值税目的，在计算其销售自行开发的房地产项目（选择简易计税方法的房地产老项目除外）的销售额时，允许扣除其向政府部门支付的征地和拆迁补偿费用、土地前期开发费用和土地出让收益等；

(iii)       如果其以预收款方式销售自行开发的房地产项目，为计算其应预缴的土地增值税目的，在计算税基时，可采取预收款扣除应预缴增值税税款的方式简化计算；

（2）在房地产转让交易中，为计算土地增值税目的，在计算应税收入时，增值税被明确排除；房地产开发企业缴纳的城建税和教育费附加，允许扣除。

而建筑业已于2017年6月1日被正式纳入增值税小规模纳税人自行开具增值税专用发票试点范围，符合条件的建筑企业将可按规定自行开具增值税专用发票。

9. 一线城市如北京和上海最近如何调整他们的房贷政策？

作为对中央政策的响应，一线城市均采取各项措施强化住房信贷管理，控制相关贷款风险，收缩土地贷款，具体包括：

• 严格控制信贷基金、银行理财基金、信托贷款进入房地产领域；
• 严禁商业性房地产项目企业债融资，但保障性住房、棚户区改造、安置性住房项目的企业债融资是允许的；
• 要求各银行对于房地产企业使用银行贷款的行为进行穿透审查，对于SPV投资方式，须穿透至最终债务人；
• 严禁信托公司（i）发放用于支付土地出让价款的信托贷款、直接或间接向房地产开发企业发放流动资金信托贷款，（ii）为各类机构发放首付贷等违法违规行为提供便利；（iii）发放用于支付购房价款的个人信托贷款；
• 严禁私募资产管理计划和私募基金以银行委托贷款、“名股实债”和其他被认定的债权投资等方式投资于北京、上海等16家热点城市普通住宅地产项目，或向房地产企业融资，用于补充流动资金或支付土地出让价款；
• 一些热点城市银行收紧购房按揭贷款，提高二套房首付比例，二套房利率上浮，个别银行暂停个人购房按揭贷款业务；
• 严格禁止未取得相关金融资质的各机构通过P2P网络借贷平台和股权众筹平台从事房地产金融业务，取得相关金融资质的，不得违规开展房地产金融相关业务；规范互联网“众筹买房”等行为，严禁各类机构开展“首付贷”性质的业务；
• 一线城市还根据其具体特点出台了地区性的监管措施，例如上海证券交易所收紧房企发债并对其实行分类监管；北京各银行已于今年4月份起暂停商住房抵押贷款业务。

10. 这一领域的外国投资者在2018年有什么机遇是需要关注的？

城市更新和物业改造可能蕴含大量机遇。在中国一线城市的核心区域，土地资源日渐稀缺，新建项目的空间越来越少，而当地有一些物业因为陈旧过时而衰微；这些经典的物业经过适当的翻修和重新定位，基于其历史声誉以及时代感和现代感的融合，可能会重新焕发生机，吸引大众。

一线城市周边地区可能是外国投资者在中国的投资新机遇。中央政府决定要加强一线城市周边地区与一线城市的联系，以发展周边地区的经济。这个构想一旦被付诸实践，这些周边地区可能将取得可观的经济和投资回报增长。

日前，住建部等9部门联合发文加快培育住房租赁市场。根据此文，政府将鼓励企业拓展住房租赁业务，加大对住房租赁企业的金融支持力度，搭建政府住房租赁交易服务平台，规范住房租赁市场。这是中国房地产市场改革的新信号，其中也许蕴含了潜在商机。

另外，由于对房地产市场的货币政策收紧，一些房地产市场的参与者正面临着资金压力。对于对中国标的感兴趣的外国投资者来说，现在可能是出手进行收购兼并的好时机。

中国的房地产市场已经迈入转型升级的阶段，市场对质量有了更高的要求。这恰好符合外国投资者的一贯优势。如果外国投资者能继续提供优质的产品和服务，他们的价值终将被市场认可。

谢勇 合伙人

金茂凯德律师事务所

谢勇律师是金茂凯德律师事务所创始合伙人及上海办公室合伙人。他在兼并和收购，银行业务和融资，基础设施建设，商业房地产，资本市场，私募股权投资、风险投资及跨国交易领域具有丰富的经验。

谢律师作为众多的跨国公司、外国投资者、民营企业和国有企业的中国法律顾问，为它们的海外上市、并购、外商直接投资、BOT和融资项目等提供服务，他负责参与了：丰树房地产投资信托基金(REIT)在新加坡上市、IBM将其个人电脑业务出售给联想、奇梦达在苏州的芯片工厂、上海市医疗废物处置特许项目和奇梦达将其中国业务从英飞凌科技剥离项目等等。谢勇律师是上海市律师协会和中华全国律师协会的成员之一。自2003年多次被《China Law & Practice》杂志评为亚洲顶尖商业律师之一。

谢律师在上海大学法学院取得学士学位，在美国纽约大学取得法学硕士学位。他的工作语言为中文和英文。

赵静怡 合伙人

金茂凯德律师事务所

赵静怡律师是金茂凯德律师事务所上海办公室合伙人。她在境外投资、外商投资、收购兼并以及私募股权投资领域拥有丰富的执业经验，她曾代表众多国有企业、大型民企和跨国企业为它们的投融资项目提供法律服务，包括中国长江三峡集团收购葡萄牙电力公司股权项目以及中国长江三峡集团在欧洲、巴西的一系列能源领域投资项目，海南省农垦集团和海南天然橡胶产业集团股份有限公司联合收购新加坡R1 International Ptd Ltd公司股权项目，国家集成电路产业投资基金的若干股权投资项目，长园集团股份有限公司收购江苏华盛精化工有限公司股权项目等。此外，赵静怡律师还为益海嘉里集团、国家开发银行、中国五矿集团、中国核工业集团等公司提供常年法律服务。

赵静怡律师取得北京大学法学院法学学士学位、清华大学国际法硕士学位。赵静怡律师持有中国执业律师资格。她的工作语言为中文、英文。