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法律风险预控警示快讯之五:投资房地产项目法律风险提示
 
发布时间: 2013-10-30 [特大 ]

一、法律风险案例 

1.案例介绍

分分快三技巧  2010年4月,北京A投资公司与B房地产公司签订股权转让协议,A投资公司以人民币15.7亿元收购B房地产公司在山东威海的C项目公司100%股权,协议约定C项目公司名下的项目包括一栋五星级酒店、二栋5A级写字楼、十一栋住宅楼,总建筑面积达22万平方米。

  2010年7月10日,A投资公司与B房地产公司办完C项目公司的100%股权交割手续,A投资公司已分三次付清全部的股权收购款项(其中最后一笔20%的股权转让款已于股权交割后7日内支付)。2010年10月,五星级酒店、两栋5A级写字楼、十一栋住宅楼均办理了预售手续,部分房屋已经售出。2011年4月,两栋5A级写字楼完成竣工验收。

   2011年5月9日,山西某煤矿企业D公司向C项目公司发函,要求C项目公司依照双方于2009年签署的合作协议,与D公司立即签署上述物业中“五星级酒店”及部分住宅楼的商品房预售合同,先前于2009年8月支付给C项目公司的合作款项人民币3.1亿元抵作购房款,并随函附上双方于2009年签署的合作协议。C项目公司因股权发生变更,对D公司要求迟迟不作回应,随后D公司对C项目公司提起诉讼。同时,银行要求C项目公司提前偿还贷款,涉案房产被查封,随即C项目公司银行帐户被冻结,其他购房人也纷纷提起诉讼。

分分快三技巧   随即A投资公司起诉B房地产公司。法院做出判决,B房地产公司赔偿A投资公司各项损失18亿元,B房地产公司无力支付。

一、Legal risk case

1. Brief Introduction of the Case

   In April, 2010, investment company A in Beijing (hereafter “A”) entered into a equity transfer agreement with real estate company B in Shanghai (hereafter “B”). Under this equity transfer agreement, A would acquire B’s 100% equity in a real estate project company C in Weihai, Shandong Province (hereafter “C”) with RMB 1,570,000,000. It was also stated in the equity transfer agreement that C owned one five-star hotel, two 5A-class office blocks, and 11 residential buildings with a totoal construction area of 220,000 square meters.

   On 10th July, 2010, A and B completed the 100% equity transfer procedures and A paid all the equity acquisition funds by three times(The last 20% of the funds was paid within 7 days after the completion of equity transfer). The five-star hotel, the two 5A-class office blocks as well as 11 residential buildings all successfully obtained the pre-sale permits in October, 2010 and part of the residential buildings were sold to the customers. In April, 2011, the two 5A-class office blocks were completed and passed examination.

   On 9th May, 2011, C received a demand letter from a coal company D in Shanxi Province (hereafter “D”), requesting C to sign pre-sale real estate agreements with D regarding the five-star hotel and part of the residential buildings in accordance with the cooperative agreement which was attached in the demand letter and was entered into by C and D in 2009. It was also requested that the funds (RMB 310,000,000) D paid to C in August, 2009 under the above mentioned cooperative agreement, should be deemed as the payment of the relevant real estates. As the equity change occurred on C, C delayed the response to D. Later, D brought its suit to the court, in the mean time, banks required C to pay back the loans in advance, the relevant real estates as mentioned above were seized and C’s bank accounts were frozen, and ther real estate buyers also brought their suits to the courts.

   Consiqently, A sued against B on the court. The court made the judgement that B shoulde pay the compensation to A for the loss of 1.8 billion yuan. But B was unable to pay.

2.案例分析  

  (1)本案的特点:

  1)涉案金额大,高达15.7亿元;

  2)涉及主体多,前后共涉及数家金融机构和几十个购房人,社会负面影响大;

  3)投资人对投资项目了解有限,未查清项目全部负债情况,损失惨重。

  (2)投资房地产项目的两种基本形式:房地产项目公司股权收购(本案例)和资产收购(含在建工程)

2. Case analysis

分分快三技巧  (1)Features of the case:

分分快三技巧  1)The amount of money involved is huge,which is 1.57 billion;

  2)The case normally involves large number of subjects and has adverse social effect. As far as this case concerned, it involves several financial institutions and dozens of real estate purchaser;

  3)The investor has limited understanding of the projects, fails to find out the specific debt conditions, and suffers serious losses.

  (2)Two basic ways of investment in real estate projects:Equity acquisition of the real estate company (as in this case) and asset acquisition (including projects under construction).

 

二、预控风险的建议 

  为预控投资房地产项目的法律风险,经集团证券法务部、集团规划运营部、北京市明诚律师事务所和北京市中伦文德律师事务所等四个部门的相关人员共同商讨,一致建议如下:

  1、结合实际情况,采用相应的方式进行房地产项目收购:   

分分快三技巧  1)资产收购   ------  资信、诚信记录不良的客户

  2)增资扩股、股权融资  ------  投资总额小于25%(不含土地出让金)

  3)全资收购  -------  投资总额大于25%(不含土地出让金)     

分分快三技巧  2、如系房地产项目公司股权收购,建议处理如下:

  (1)在进行房地产项目公司股权收购前,签署合作备忘录或合作框架协议后,聘请专业律师、会计师、评估师等专业人员进行法律、财务等充分尽职调查,揭示并了解拟收购项目存在的各种风险。

  (2)在安排付款时,注意预留一定比例的股权转让款项(如20%以上)在股权交割完毕一定时间(如2年)后如无遗留问题时再行支付;

分分快三技巧  (3)在项目股权收购协议中约定转让方的承诺和保证,如转让方违反其承诺或保证中任何一项或多项时明确转让方应承担的违约责任;

  (4)在收购过程中如发现转让方存在违约行为,应立即停止支付有关转让款,要求转让方限期纠正违约行为,必要时采取财产保全措施;

  (5)凡出现房地产项目股权转让纠纷,按下列程序处理

  ①尽快通知法务部门和外聘律师协商解决,并要求转让方或提供相应的履约担保;

  ②如与转让方无法达成协议,可通过法律途径采取诉前查封、冻结转让人的有关财产和帐户的保全措施;

  ③向人民法院提起诉讼或依约向仲裁机构提起仲裁。

 

二、Recommendations on Risk Prevention

分分快三技巧  In order to pre-control the real estate project investment risk, after the discussion of Group Security and Legal Department, Group Planning and Operation Department,and external law firms (Beijing Professional Business Law Office and Zhonglun W&D Law Firm), the suggestion of pre-control risks is as followed:

分分快三技巧  1.Proper ways of real estate projects investment can be chosen based on the actual situations:

  1)asset acquisition ---- Clients with poor credit record

分分快三技巧  2)Increase investment、Equity financing --- the total investment is lower than 25%( excluding the land remise fund)

分分快三技巧  3)Wholly acquired --- the total investment is higher than 25%( excluding the land remise fund)

  2. In regard with equity acquisition of real estate company, it is advisable that:

分分快三技巧  (1)After the memorandum of cooperation or cooperation framework agreement has been signed, specialists such as lawyers, certified public accountants and certified public valuer need to be engaged to carry out legal and financial due dilligence, in order to disclose and discover the relevant risks relating to the real estate projects, before entering into the equity transfer agreement with the real estate company.

  (2)With regard to the payment of the consideration of the equity, it is advisable to include an article in the equity transfer agreement, that a certain ratio of the consideration  (normally 20% or above) will be paid only when no relevant disputes are arisen within a certain period of time (for instance 2 years) after the completion of the equity transfer process.

分分快三技巧  (3)The equity transfer agrement needs to include articles regarding the transferor’s commitments and waranties as well as liabilities generated from breaching any of his commitments or waranties as prescribed in the equity transfer agreement.

  (4)If the transferor is found to have breached the agreement(s) during the process of acquisition, the payment of the consideration of the equity shall be suspended instantly. Additionally, the transferor shall be requested to make corrections within a certain time limit and presertative meansures for property needs to be taken when necessary;

  (5)If disputes related to equity transfer arises, the following steps can be taken:

分分快三技巧  ①Notifying your legal department and consulting with your outside counsel timely and asking the transferor to provide guarantees to safeguarde the fullfilment of the relevant agreement(s);

  ②In the circumstance that no agreement can be reached with the transferor, legal measures such as property preservation before litigation can be taken by seizing or frozing the transferor’s property or bank accounts;

分分快三技巧  ③Launch a lawsuit to the people’s court or an arbitration to the arbitration institutions as prescribed in the agreement(s).

 
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