| Over 60% of the real-estate capital is either directly or indirectly from the bank. Andat the same time, a big volume of idle money does not have any good investmentchannel, and the overwhelming real-estate investment channel in the world likereal-estate trust, real-estate fund is totally absent.Right now, the development of domestic real-estate market is now in need ofreal-estate fund, and the change of pre-sale of apartments regulation, and the newregulation of land transfer method, the land market is now a pubic market.Right now, the different stage of real-estate market is almost under market principleand regulated, this provides a solid foundation for the coming in of fund. At thesame time, it also raised the standard for real-estate developer's capital . Thereal-estate industry in the resent 5 years, especially in Beijing , Shanghai etc majorcities, the high return also provide a profit opportunity for the coming in of fund.The real-estate fund discussed in the essay is totally under Chinese domestic situation,and it is under the present legal framework, it is a brand new fund model.The totol volume of this fund is around 1 billion RMB, the initial registered capitalis 200 million RMB, the company is a limited company. The share holders of thecompany will be limited partners, and commen partners, and the company managerwill be commen partner but carry on part of unlimited responsibility.This essay focus on the share holding set up, organizational design, investmentstrategy, operation model, investment management, and capital entrust, investmentprinciple, risk control of investment, and the procedures of incorporation, it means toshow to investors the basic idea of the real-estate fund, the purpose is to inviteinterested investors to collectively invest and incorporate this real-estate fund. |
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