FRAMEWORK PROPOSAL FOR STRUCTURING OF REAL ESTATE FUND

　　Sir : 先生:

　　It was indeed a pleasure to have met with you and your colleagues on when we discussed the above matter.

　　和您以及您的同事們?cè)?日就以上問(wèn)題的會(huì)面與我是一種榮幸。

　　Our understanding我們的共識(shí)

　　From our discussion, we understand that both Investment Bank and Properties Limited intend to enter into an agreement with a view to creating a real estate fund. On the current thinking, the fund will be initiated with approximately USD 20 Million contributions by Properties Limited. Other possible investors may be considered upon ’s consent.

　　根據(jù)我們的討論，我們就以下達(dá)成共識(shí)：銀行與置業(yè)有限責(zé)任公司想要訂立一個(gè)合同以創(chuàng)設(shè)一個(gè)不動(dòng)產(chǎn)基金。按照現(xiàn)階段的想法，我們?cè)O(shè)計(jì)由置業(yè)有限責(zé)任公司出資2000萬(wàn)美金創(chuàng)設(shè);在 公司的同意下，我們可以考慮讓其他投資者參與。

　　As at the time of our discussion, it is still open as to the kind of vehicle which will be used to carry the fund. Also, though it is intended that the fund shall be med-term with new funds being created for future projects, it is still open as to whether the fund shall be fixed term or revolving. It is also open as to the status of the returns that the promoters and future investors.

　　截止到我們討論結(jié)束，采取何種載體承載這筆基金仍亟待商定。雖然，我們打算將該基金設(shè)定為中期投資，中期時(shí)會(huì)注入新的資金以為未來(lái)的項(xiàng)目準(zhǔn)備，但是該基金應(yīng)當(dāng)采用固定期限還是遞進(jìn)式仍亟待商定。另外，發(fā)起人以及未來(lái)的投資人的收益方案也亟待商定。

　　It is, however, certain that the funds shall be utilized for property development or purchase of properties in both the residential and commercial sector. Furthermore, upon ’s consent we also may consider to enter into joint ventures with property developers or such other parties that would be interested in undertaking developments. We understand that the fund purpose will primarily be to generate returns from rental income and capital gains through the appreciation of assets.

　　然而，需要明確的是，該基金是為住宅以及商業(yè)方面的不動(dòng)產(chǎn)開(kāi)發(fā)或者不動(dòng)產(chǎn)購(gòu)買(mǎi)為目的設(shè)立的。另外，在 公司的同意下，我們也考慮與房地產(chǎn)開(kāi)發(fā)商或者其他有興趣開(kāi)發(fā)房地產(chǎn)的各方共同合資經(jīng)營(yíng)。我們同意該基金的目標(biāo)首先是以租金收入以及資產(chǎn)升值來(lái)獲取回報(bào)。

　　Our understanding of the scope合作愿景的共識(shí)

　　From our discussion, we understand that the current scope or work will include:

　　根據(jù)我們的討論，我們同意現(xiàn)階段達(dá)成共識(shí)的愿景或者合作意愿包括：

　　(i) Establishing the most beneficial way, from a tax, legal and financial point of view that the fund can be structured,

　　根據(jù)稅收，法律以及財(cái)政政策的相關(guān)規(guī)定，創(chuàng)設(shè)一個(gè)收益最高的基金方式。

　　(ii) Establishing the most beneficial way in which the initial partner and potential future investors can participate in the fund,

　　創(chuàng)設(shè)一個(gè)能使創(chuàng)始人以及未來(lái)可能參與該基金的投資人獲得最高收益的方式的基金。

　　(iii) Establishing the most beneficial way in which exit from the fund would be undertaken,

　　創(chuàng)設(shè)一個(gè)能夠保障退出的并且獲得最高收益的方式的基金。

　　(iv) Assist in establishing, as a framework, the most beneficial ways in which the funds can be invested.

　　協(xié)助基金搭建一個(gè)能實(shí)現(xiàn)最高收益的投資框架。

　　Our proposal我們的構(gòu)想

　　To meet the above objectives we would propose to approach the project as follows:

　　為實(shí)現(xiàn)上述目標(biāo)，我們提議采取以下方式以實(shí)現(xiàn)計(jì)劃：

　　(i) Obtain an understanding of what the promoters desire to achieve. To this end, we shall evaluate the duration of investment that the promoters are looking into, their desired returns and the period for which they are comfortable with prior to making returns, the desired growth levels, the nature of exit desired, etc,

　　首先促成創(chuàng)始人對(duì)想要實(shí)現(xiàn)的目標(biāo)達(dá)成共識(shí)。為此，我們會(huì)評(píng)估創(chuàng)始人期望的投資期間，他們的期望收益，他們?cè)敢獾却找娴氖孢m期，他們的期望增長(zhǎng)率，對(duì)于退出基金行為如何定性的想法，等等。

　　(ii) We shall also evaluate the various targeted investors and attempt to determine the most appropriate way in which returns can be made to them. In this regard we shall also consider their peculiarities, investment patterns, duration of stay, need to commoditize the funds, etc,

　　我們還會(huì)評(píng)估投資人多樣的目標(biāo)，并嘗試為他們確定一種最適當(dāng)?shù)氖找娣绞健榇?，我們?huì)再考慮他們的特質(zhì)，投資模式，持有的期間，使基金商品化的需求，等等。

　　(iii) On obtaining an understanding of the real estate projects that the fund shall target, we shall assist in establishing framework structures in which the fund can enter into the projects. In doing this we shall consider the issues relating to the promoters, the investors, the developers and the preferences of the debt providers,

　　考慮到基金設(shè)立的目的不動(dòng)產(chǎn)項(xiàng)目投資，我們會(huì)幫助其建立基金注入項(xiàng)目的框架。在從事這些事項(xiàng)時(shí)，我們會(huì)對(duì)所有關(guān)系到創(chuàng)始人，投資者，開(kāi)發(fā)人以及優(yōu)先債權(quán)的提供者的問(wèn)題予以考量。

　　(iv) We shall also advise on the most appropriate vehicle to carry the fund, ways in which the vehicle will be funded, administration of the vehicle, etc

　　我們會(huì)就最適合承載基金的載體做出建議，這些建議將包括載體承載基金的方式，該載體的管理等等。

　　(v) For all parties involved, we shall endeavor to establish a structure that will have minimal frictional costs at the point of exit, where exit is desired. We shall also try and establish a structure that would allow the mid-way entry of new investors where it is established that a closed fund structure is not desirable.

　　為了所涉及的各方，我們將竭力創(chuàng)設(shè)一個(gè)結(jié)構(gòu)將退出基金的摩擦性成本降至最低。我們會(huì)嘗試建立一個(gè)不同于封閉型基金的結(jié)構(gòu)，允許在中途加入新的投資者。

　　From a practical point of view, we envisage the following initial activities:

　　從實(shí)用角度出發(fā)，我們?cè)O(shè)想了以下設(shè)立活動(dòng)

　　(i) Have meetings with you and your team to establish a comprehensive understanding of your intended project,

　　就您的預(yù)期項(xiàng)目，與您以及您的團(tuán)隊(duì)進(jìn)行交流，以達(dá)成全部共識(shí)。

　　(ii) Develop a number of structures which, in our opinion would be able to fulfill your objectives. For each of the structures proposed, we shall provide with a SWOT analysis to assist you in evaluating the structures,

　　開(kāi)發(fā)一系列在我們看來(lái)能夠?qū)崿F(xiàn)您的目的的結(jié)構(gòu)。對(duì)于每一結(jié)構(gòu)，我們都會(huì)提供通過(guò)態(tài)勢(shì)分析法得出的分析報(bào)告以幫助你們?cè)u(píng)估這些結(jié)構(gòu)。

　　(iii) We shall thereafter have a meeting with you with the view to updating you on the structure and obtaining your feedback on the commercial viability, in light of your businesses, for each,

　　在此之后，我們將會(huì)召開(kāi)會(huì)議，向您匯報(bào)這些結(jié)構(gòu)的最新進(jìn)展，獲取您就這些結(jié)構(gòu)對(duì)您的經(jīng)營(yíng)是否具有商業(yè)發(fā)展力的反饋。

　　(iv) We shall thereafter amend the structure in light of the feedback obtained from you and present the refined practical structures to you. At this stage we shall be in a position to provide you with a road map of the activities that would be required to be undertaken to actualize the structure.

　　在此之后，我們會(huì)根據(jù)您的反饋修訂這些結(jié)構(gòu)，并且將更加精煉的實(shí)用結(jié)構(gòu)呈現(xiàn)給您。在這一階段，我們將會(huì)給您提供一個(gè)活動(dòng)指南，以提示您接下來(lái)會(huì)進(jìn)行的活動(dòng)。

　　(v) Finally we shall have a closing meeting with you to present the structure and the road map. We, shall however, be available to you to assist in implementation of the agreed upon structure.

　　最后，我們會(huì)召開(kāi)一個(gè)結(jié)尾會(huì)議，以向您提交這些結(jié)構(gòu)以及活動(dòng)指南。同時(shí)，我們將會(huì)協(xié)助您實(shí)現(xiàn)這些結(jié)構(gòu)。

　　Sample of areas we shall consult on需雙方商議的事項(xiàng)的例子

　　In undertaking our work we shall consider the entire project from a holistic point of view as well as the details that are inherent in the creation of the fund. As indicated above, we shall consider the tax, legal and financial implications of the structures from a promoter, investor and future partners’ point of view. We shall also consider the actual formation, promotion, running and exit activities. As a sample, some of the areas we shall consider as part of our work shall include:

　　在進(jìn)行這些工作時(shí)，我們應(yīng)當(dāng)兼顧總體的規(guī)劃和創(chuàng)設(shè)基金過(guò)程中本來(lái)需要注意的細(xì)節(jié)。誠(chéng)如所言，我們將考慮到創(chuàng)始人，投資人，以及未來(lái)的合伙人設(shè)想的結(jié)構(gòu)中可能卷入的稅務(wù)，法律以及金融的問(wèn)題。

　　(i) How the fund shall be classified – will it be better to form a JV vehicle between the parties, if so, what kind of vehicle and how shall the promoters record their monies in the vehicle,

　　該基金應(yīng)當(dāng)如何分類是否通過(guò)各方之間的合作經(jīng)營(yíng)作為基金載體，如果采取該模式，創(chuàng)始人應(yīng)當(dāng)如何記錄他們的資金。

　　(ii) Should the fund be a typical PE fund with one of the parties administering it or should it be a standalone entity,

　　該基金是否可以設(shè)計(jì)為一個(gè)典型的由一方管理的私募基金，還是設(shè)計(jì)為一個(gè)獨(dú)立的實(shí)體。

　　(iii) Where the fund would most ideally be resident,該基金最理想化的創(chuàng)設(shè)地是哪里。

　　(iv) In consideration of the residency status of the promoters, ensuring that thin capitalization does not arise either at the fund level or at the projects level,

　　考慮到創(chuàng)始人的住所情況，應(yīng)當(dāng)保證資金層面和項(xiàng)目層面，都不會(huì)出現(xiàn)資本弱化的問(wèn)題。

　　(v) Ensuring that the returns on the funds do not create compensating tax issues or such other undesirable tax implications. Where it is inevitable we shall advice on the same as well as the appropriate management of the taxes,

　　保證資金的收益不會(huì)造成補(bǔ)償關(guān)稅問(wèn)題，或者卷入其他不欲的稅收問(wèn)題中。不管這些問(wèn)題是不是不可避免的，我們也同樣建議對(duì)稅務(wù)進(jìn)行適當(dāng)?shù)墓芾怼?/span>

　　(vi) Ensuring that the funds are invested in the projects in such a way as it is not unduly complicated to exit,

　　在基金投資項(xiàng)目時(shí)，我們應(yīng)保證采取一種不會(huì)使退出基金過(guò)度復(fù)雜的方式。

　　(vii) Creating mechanisms which would make it attractive to future investors while at the same time not creating financial or tax pressure on the fund and the promoters,

　　建立一種機(jī)制能夠使該資金對(duì)未來(lái)投資者有吸引力的同時(shí)，不會(huì)給基金以及創(chuàng)始人帶來(lái)財(cái)務(wù)或者稅務(wù)壓力。

　　(viii) Reward mechanism for the fund managers, etc.對(duì)基金經(jīng)理人的獎(jiǎng)勵(lì)機(jī)制。

　　(ix) Legal and statutory documentation required for the structure as well as the accounting processes for the fund.

　　此結(jié)構(gòu)以及基金會(huì)計(jì)所需要的法律文件材料。

　　(x) Ensuring that, in as much as possible, the structure will not call for external regulation and will also be capable to be carried within the licenses available in the group.

　　盡可能保證該結(jié)構(gòu)不會(huì)需要外部規(guī)則并且能夠在該群體內(nèi)的許可證中實(shí)現(xiàn)。

　　Timings時(shí)間安排

　　From our experience, and subject to your availability and availability of information, we believe that we shall be in a position to have completed the structuring work and presented the final structure to you within four weeks of engagement.

　　根據(jù)我們的經(jīng)驗(yàn)，以及您的安排以及掌握信息的程度，我們相信我們能夠在預(yù)約之后的四周內(nèi)完成構(gòu)建的工作，并向您提交最終的結(jié)構(gòu)。

　　Please note that this does not include any time that would be taken in implementation of the same as the implementation time would be dependent on the structure chosen and the road map which will have been presented to you together with the final structure report.

　　請(qǐng)注意這并不包括施行時(shí)間，施行時(shí)間將取決于我們提交給您的最終結(jié)構(gòu)報(bào)告中選取的結(jié)構(gòu)以及活動(dòng)指南。

　　Fees費(fèi)用

　　To be discussed.待議。

　　Please note that this does not include the implementation thereof and we trust that we shall be in a position to agree on the implementation charges and our involvement thereon at the appropriate time.

　　請(qǐng)注意這并不包括實(shí)施費(fèi)用;我們相信我們已經(jīng)就實(shí)施費(fèi)用以及我們?cè)谶m當(dāng)?shù)臅r(shí)候可以參與其中達(dá)成一致。

　　Conclusion總結(jié)

　　We trust that the above proposal meets your requirements and we look forward to being of service to you. In any event, we would be happy to discuss with you any aspects of this proposal at any time at your convenience.

　　我們相信上述構(gòu)想能夠符合您的要求，我們非常期待能為您服務(wù)。在任何情況下，我們都非常樂(lè)意就這些提議在您方便的時(shí)候與您討論。

　　In any event we would appreciate your feedback as to whether our proposal adequately caters for your needs.

　　在任何情況下，我們都衷心感謝您給予我們的反饋。

　　Yours faithfully, 您忠誠(chéng)的，

　　MANAGING DIRECTOR

　　Investment Bank