关于海外设立房地产投资基金的沟通函(中英文对照)

January 30, 2015

2015年1月30日

XXXX PROPERTIES LIMITED

XXXX有限责任公司

Sir XXXX

XXXX先生

PROPOSAL FOR STRUCTURING OF REAL ESTATE FUND

设立不动产基金的构想

It was indeed a pleasure to have met with you and your colleagues on Monday, January 26th, 2015 when we discussed the abovematter.

和您以及您的同事们在2015年1月26日就以上问题的会面与我是一种荣幸。

Our understanding

我们的共识

From our discussion, we understand that both XXXX Investment Bank and XXXX 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 initiatedwith approximately USD 20 Million contributions by XXXX Properties Limited. Other possible investors may be considered upon XXXX’s consent.

根据我们的讨论，我们就以下达成共识：XXXX Investment 银行与XXXX臵业有限责任公司想要订立一个合同以创设一个不动产基金。按照现阶段的想法，我们设计由XXXX臵业有限责任公司出资2000万美金创设；在XXXX公司的同意下，我们可以考虑让其他投资者参与。

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

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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.

截止到我们讨论结束，采取何种载体承载这笔基金仍亟待商定。虽然，我们打算将该基金设定为中期投资，中期时会注入新的资金以为未来的项目准备，但是该基金应当采用固定期限还是递进式仍亟待商定。另外，发起人以及未来的投资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 XXXX’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，需要明确的是，该基金是为住宅以及商业方面的不动产开发或者不动产购买为目的设立的。另外，在XXXX公司的同意下，我们也考虑与房地产开发商或者其他有兴趣开发房地产的各方共同合资经营。我们同意该基金的目标首先是以租金收入以及资产升值来获取回报。

Our understanding of the scope

合作愿景的共识

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

根据我们的讨论，我们同意现阶段达成共识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,

根据税收，法律以及财政政策的相关规定，创设一个收益最高

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,

创设一个能使创始人以及未来可能参与该基金的投资人获得最

高收益的方式的基金。

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

创设一个能够保障退出的并且获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.

协助基金搭建一个能实现最高收益的投资框架。

Our proposal

我们的构想

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

为实现上述目标，我们提议采取以下方式以实现计划：

(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,

首先促成创始人对想要实现的目标达成共识。为此，我们会评

估创始人期望的投资期间，他们的期望收益，他们愿意等待收

益的舒适期，他们的期望增长率，对于退出基金行为如何定性

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,

我们还会评估投资人多样的目标，并尝试为他们确定一种最适

当的收益方式。为此，我们会再考虑他们的特质，投资模式，

持有的期间，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

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consider the issues relating to the promoters, the investors, the

developers and the preferences of the debt providers,

考虑到基金设立的目的——不动产项目投资，我们会帮助其建

立基金注入项目的框架。在从事这些事项时，我们会对所有关

系到创始人，投资者，开发人以及优先债权的提供者的问题予

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

我们会就最适合承载基金的载体做出建议，这些建议将包括载

体承载基金的方式，该载体的管理等等。

(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.

为了所涉及的各方，我们将竭力创设一个结构将退出基金的摩

擦性成本降至最低。我们会尝试建立一个不同于“封闭型基金”

的结构，允许在中途加入新的投资者。

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

从实用角度出发，我们设想了以下设立活动

(i)Have meetings with you and your team to establish a comprehensive

understanding of your intended project,

就您的预期项目，与您以及您的团队进行交流，以达成全部共

识。

(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,

开发一系列在我们看来能够实现您的目的的结构。对于每一结

构，我们都会提供通过“态势分析法”得出的分析报告以帮助

你们评估这些结构。

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(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，我们将会召开会议，向您汇报这些结构的最新进展，

获取您就这些结构对您的经营是否具有商业发展力的反馈。

(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，我们会根据您的反馈修订这些结构，并且将更加精

炼的实用结构呈现给您。在这一阶段，我们将会给您提供一个

活动指南，以提示您接下来会进行的活动。

(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，我们会召开一个结尾会议，以向您提交这些结构以及活

动指南。同时，我们将会协助您实现这些结构。

Sample of areas we shall consult on

需双方商议的事项的例子

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:

在进行这些工作时，我们应当兼顾总体的规划和创设基金过程中本来需要注意的细节。诚如所言，我们将考虑到创始人，投资人，以及未来的合伙人设想的结构中可能卷入的税务，法律以及金融的问题。

(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,

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该基金应当如何分类——是否通过各方之间的合作经营作为基金载体，如果采取该模式，创始人应当如何记录他们的资金。(ii)Should the fund be a typical PE fund with one of the parties administering it or should it be a standalone entity,

该基金是否可以设计为一个典型的由一方管理的私募基金，还是设计为一个独立的实体。

(iii)Where the fund would most ideally be resident,

该基金最理想化的创设地是哪里。

(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,

考虑到创始人的住所情况，应当保证资金层面和项目层面，都不会出现资本弱化的问题。

(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,

保证资金的收益不会造成补偿关税问题，或者卷入其他不欲的税收问题中。不管这些问题是不是不可避免的，我们也同样建议对税务进行适当的管理。

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

在基金投资项目时，我们应保证采取一种不会使退出基金过度复杂的方式。

(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,

建立一种机制能够使该资金对未来投资者有吸引力的同时，不会给基金以及创始人带来财务或者税务压力。

(viii)Reward mechanism for the fund managers, etc.

对基金经理人的奖励机制。

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

此结构以及基金会计所需要的法律文件材料。

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(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.

尽可能保证该结构不会需要外部规则并且能够在该群体内的许

可证中实现。

Timings

时间安排

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.

根据我们的经验，以及您的安排以及掌握信息的程度，我们相信我们能够在预约之后的四周内完成构建的工作，并向您提交最终的结构。

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.

请注意这并不包括施行时间，施行时间将取决于我们提交给您的最终结构报告中选取的结构以及活动指南。

Fees

费用

To be discussed.

待议。

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.

请注意这并不包括实施费用；我们相信我们已经就实施费用以及我们在适当的时候可以参与其中达成一致。

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Conclusion

总结

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.

我们相信上述构想能够符合您的要求，我们非常期待能为您服务。在任何情况下，我们都非常乐意就这些提议在您方便的时候与您讨论。

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

在任何情况下，我们都衷心感谢您给予我们的反馈。

Yours faithfully,

您忠诚的，

XXXX

MANAGING DIRECTOR

XXXX Investment Bank

XXXX Investment银行

总经理

XXXX

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