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在 日就以上問題的會面與我是一種榮幸。

　　Our understanding我們的共識

　　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，我們就以下達成共識：銀行與置業(yè)有限責任公司想要訂立一個合同以創(chuàng)設(shè)一個不動產(chǎn)基金。按照現(xiàn)階段的想法，我們設(shè)計由置業(yè)有限責任公司出資2000萬美金創(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，中期時會注入新的資金以為未來的項目準備，但是該基金應(yīng)當采用固定期限還是遞進式仍亟待商定。另外，發(fā)起人以及未來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)方面的不動產(chǎn)開發(fā)或者不動產(chǎn)購買為目的設(shè)立的。另外，在 公司的同意下，我們也考慮與房地產(chǎn)開發(fā)商或者其他有興趣開發(fā)房地產(chǎn)的各方共同合資經(jīng)營。我們同意該基金的目標首先是以租金收入以及資產(chǎn)升值來獲取回報。

　　Our understanding of the scope合作愿景的共識

　　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)階段達成共識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，法律以及財政政策的相關(guān)規(guī)定，創(chuàng)設(shè)一個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)一個能使創(chuàng)始人以及未來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)助基金搭建一個能實現(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:

　　為實現(xiàn)上述目標，我們提議采取以下方式以實現(xiàn)計劃：

　　(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)始人對想要實現(xiàn)的目標達成共識。為此，我們會評估創(chuàng)始人期望的投資期間，他們的期望收益，他們愿意等待收益的舒適期，他們的期望增長率，對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,

　　我們還會評估投資人多樣的目標，并嘗試為他們確定一種最適當?shù)氖找娣绞?。為此，我們會再考慮他們的特質(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)立的目的不動產(chǎn)項目投資，我們會幫助其建立基金注入項目的框架。在從事這些事項時，我們會對所有關(guān)系到創(chuàng)始人，投資者，開發(fā)人以及優(yōu)先債權(quán)的提供者的問題予以考量。

　　(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)一個結(jié)構(gòu)將退出基金的摩擦性成本降至最低。我們會嘗試建立一個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:

　　從實用角度出發(fā)，我們設(shè)想了以下設(shè)立活動

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

　　就您的預(yù)期項目，與您以及您的團隊進行交流，以達成全部共識。

　　(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,

　　開發(fā)一系列在我們看來能夠?qū)崿F(xiàn)您的目的的結(jié)構(gòu)。對于每一結(jié)構(gòu)，我們都會提供通過態(tài)勢分析法得出的分析報告以幫助你們評估這些結(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，我們將會召開會議，向您匯報這些結(jié)構(gòu)的最新進展，獲取您就這些結(jié)構(gòu)對您的經(jīng)營是否具有商業(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，我們會根據(jù)您的反饋修訂這些結(jié)構(gòu)，并且將更加精煉的實用結(jié)構(gòu)呈現(xiàn)給您。在這一階段，我們將會給您提供一個活動指南，以提示您接下來會進行的活動。

　　(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，我們會召開一個結(jié)尾會議，以向您提交這些結(jié)構(gòu)以及活動指南。同時，我們將會協(xié)助您實現(xiàn)這些結(jié)構(gòu)。

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

　　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:

　　在進行這些工作時，我們應(yīng)當兼顧總體的規(guī)劃和創(chuàng)設(shè)基金過程中本來需要注意的細節(jié)。誠如所言，我們將考慮到創(chuàng)始人，投資人，以及未來的合伙人設(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)當如何分類是否通過各方之間的合作經(jīng)營作為基金載體，如果采取該模式，創(chuàng)始人應(yīng)當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)計為一個典型的由一方管理的私募基金，還是設(shè)計為一個獨立的實體。

　　(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)當保證資金層面和項目層面，都不會出現(xiàn)資本弱化的問題。

　　(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造成補償關(guān)稅問題，或者卷入其他不欲的稅收問題中。不管這些問題是不是不可避免的，我們也同樣建議對稅務(wù)進行適當?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,

　　在基金投資項目時，我們應(yīng)保證采取一種不會使退出基金過度復(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,

　　建立一種機制能夠使該資金對未來投資者有吸引力的同時，不會給基金以及創(chuàng)始人帶來財務(wù)或者稅務(wù)壓力。

　　(viii) Reward mechanism for the fund managers, etc.對基金經(jīng)理人的獎勵機制。

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

　　此結(jié)構(gòu)以及基金會計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)不會需要外部規(guī)則并且能夠在該群體內(nèi)的許可證中實現(xiàn)。

　　Timings時間安排

　　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，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.

　　請注意這并不包括施行時間，施行時間將取決于我們提交給您的最終結(jié)構(gòu)報告中選取的結(jié)構(gòu)以及活動指南。

　　Fees費用

　　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.

　　請注意這并不包括實施費用;我們相信我們已經(jīng)就實施費用以及我們在適當?shù)臅r候可以參與其中達成一致。

　　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，我們都非常樂意就這些提議在您方便的時候與您討論。

　　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, 您忠誠的，

　　MANAGING DIRECTOR

　　Investment Bank