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ChinaRealEstateIndustryPracticeChinarealestateinvestmenthandbookThedetailsthatmakeadifference2011edition70Contents1Foreword21.AnoverviewofChina'srealestatemarket21.1CurrentstatusofChina’srealestatemarket31.2ThetoptenissuesinChina'srealestatemarket71.3Marketoutlook82.Accountingrulesrelatingtorealestate82.1Chinaaccounting﹣Newrulesrelatingtorealestate82.2Briefingontheoldaccountingtreatmentfortherealestateindustry102.3Thepromulgationofnewstandardsandtheirapplicationtorealestateenterprises132.4NewdevelopmentsinIFRS142.5ConcludingcommentsabouttheChinaaccountingstandards142.6AccountingdevelopmentsfortheHongKongrealestateindustry203.GeneralintroductiontoChina'sdomestictaxesrelatingtorealestatetransactions203.1Summaryofthemaintaxes233.2ProvisionalcollectionandfinalsettlementofLATandEIT264.Restrictionsonforeigninvestment264.1Introduction264.2Keyregulatoryprovisionsaffectingrealestateinvestors274.3Holdingstructure284.4Projectapprovalconditions294.5Investmentfunding314.6OtherrequirementsofCircular171314.7Concludingcomments325.MergersandacquisitionsintheChineserealestatemarket325.1Generalbusinessmodel325.2Overviewofacquisitionmethods(shareacquisitionvs.assetacquisition)335.3Taximplications345.4CommonfinancialandtaxduediligenceissuesinM&Atransactions355.5ConsiderationsinstructuringM&Atransactions366.Structuringissuesforinboundcross-borderrealestateinvestment366.1Introduction366.2Abouttheinvestors376.3Investmentstructuring436.4Financing436.5Repatriation446.6Exit456.7Managementcompanystructureandtaxissues486.8Conclusion497.Measurestoimproveinternalcontrolsforrealestateenterprises497.1C﹣SOXoverview507.2Keyissuesintheinternalcontrolofrealestateenterprises527.3Measurestoimproveinternalcontrolinrealestateenterprises548.Futuredevelopments548.1ChinaREITs578.2OffshoreRMBREITs588.3RMBfunds628.4Islamicfinance648.5Potentialintroductionofpropertytax658.6Developmentsinaccountingstandards66Appendix1:Deloitte'sChinaRealEstateIndustryPracticecontactinformationChinarealestateinvestmenthandbookThedetailsthatmakeadifference1ForewordThisisthefiftheditionofDeloitte'sChinaRealEstateInvestmentHandbook.WehavebeenreviewingthechangesofChinarealestatemarketandpredictingitsfuturedevelopmentdirectionsonanongoingbasis.Oneobservationhasconsistentlybeennotedinthesefiveyears﹣ChinaisthelargestpropertymarketintheAsiaPacificanditcontinuestogrowalongwiththeeconomy.InvestmentsbydomesticaswellasforeigninvestorscontinuetoincreaseanddemonstrategreaterinterestsintheChina'spropertymarket.TherapidrecoveryofChina'spropertymarketfromglobaleconomicturmoilgraduallysloweddowninmid﹣2010,astheChinesegovernmentrolledoutvariousmeasurestocurbpossibleassetbubblestothemarket.InJanuary2011,thegovernmentintroduceditsthirdsignificantmeasuretoregulateandcooldemandforresidentialpropertiesbyintroducingpropertytaxonselectedresidentialpropertytransactions.Weanticipatethatfurtherpolicychangesmaybeintroducedin2011,butthemarketwillstillenjoyconsiderablegrowthinthemediumtolongterm,withsolidsupportfrommarketdemandandthecountry'scontinueddevelopment.The2011editionoftheHandbookincludesupdatesonstructuring,taxationandaccountingforrealestateinvestments.Wealsosetoutsomekeynewdevelopmentswhichshouldbeofinterestforinvestors,investmentsadvisors,fundmanagersandothersintheindustry.Thetopicsinclude:ToptenissuesofChinarealestatemarket•Keytaxdevelopmentsaffectingrealestate•investmentsinChinasuchaspropertytaxonresidentialpropertiesMeasurestoimproveinternalcontrolsandrisk•assessmentsforrealestatecompaniesThepotentialdevelopmentofoffshoreRMB•REITsinHongKongIhopethatyouwillfindthisusefulasyouexploremoreopportunitiesinthemarket.WearecommittedtoupdatingyouonkeyrealestatemarketdevelopmentsviatheHandbookandperiodiccommunications,onacontinuousbasis.Exceptwhereotherwiseindicated,thisneweditionreflectslawsandotherdocumentseffectiveasof18March2011.Also,throughoutthisHandbook,unlessindicatedotherwise,theChineselawsandregulationsmentionedapply,bytheirterms,onlytotheChineseMainlandandnottoHongKongSAR,MacauSAR,orTaiwan.Itakethisopportunitytoexpressmysinceregratitudeforthosewithoutwhosecontribution,thisHandbookwouldhavebeenimpossible:NancySunMarsh,OliverFarnworth,MatthewSze,TonyKwong,SimonTan,ChristinaLau,YeHong,DaniesLi,RebeccaWong,JessieWang,LoraXin,ClaudeGong,AnnieLi,LiFangandStevenTan.TheyandothermembersoftheworkingcommitteehavedevotedagreatdealofefforttopreparethisrevisededitionoftheHandbook.Iwelcomeyourfeedback,adviceandsuggestionsonhowcanimprovefutureeditionsoftheHandbook.RichardHoNationalRealEstateIndustryLeaderMay201121.AnoverviewofChina'srealestatemarketWiththecontinuingrecoveryandgrowthoftheChineseeconomy,theimpactoftheWorldExpo2010Shanghai,Guangzhou2010AsiaGames,andcommissioningofthehighspeedrailnetworks,theChinarealestatemarketcontinuedtoexpandin2010.However,propertypriceincreaseshavepromptedthegovernmenttoimplementvariousmeasurestocooldownthemarketduringtheyear.AccordingtothefiguresreleasedbyChina'sNationalBureauofStatistics,thetotalvalueofcompletedrealestatedevelopmentprojectsin2010amountedtoRMB4,826.7bi