房地产开发企业的设立（招股说明书节选）

根据全国人民代表大会常务委员会1994年7月颁布的《中华人民共和国城市房地产管理法》（简称为“城市房地产法”），房地产开发商是以营利为目的，从事房地产开发和经营的企业。在1998年7月20日由国务院颁布的《城市房地产开发经营管理条例》（简称为“开发条例”）中，除了要求必须设立企业之外，还规定从事房地产开发的企业应当满足如下要求：1）有100万元以上的注册资本；2）有4名以上持有资格证书的房地产专业、建筑工程专业的专职技术人员，2名以上持有资格证书的专职会计人员。省、自治区、直辖市人民政府可以根据本地方的实际情况，对设立房地产开发企业的注册资本和专业技术人员的条件作出更高要求。

为了设立房地产开发企业，开发商应当向县级及县级以上工商行政管理局申请登记。房地产开发商也必须在收到营业执照之日起30日内，将其设立情况向注册登记机关所在地的房地产开发主管部门备案。

在2004年11月商务部、国家发展和改革委员会颁布的《外商投资产业指导目录》中，普通住宅的开发建设归为鼓励外商投资的产业目录，而土地成片开发、高档宾馆、别墅、高档写字楼和国际会展中心的建设和经营归为限制外商投资的产业目录，同时其它不动产开发归为禁止外商投资的产业目录。打算从事房地产开发和销售的外商可以根据《中外合资经营企业法》或《中外合作经营企业法》分别设立合资经营企业或合作经营企业。在登记之前，合资经营企业或合作经营企业的当事人应当签订合资经营协议或合作经营协议、合同以及公司章程，经过批准之后，将被授予外商投资企业批准证书，并报商务部备案。
ESTABLISHMENT OF A REAL ESTATE DEVELOPMENT ENTERPRISE

According to the “Law of the People’s Republic of China on Administration of Urban Real Estate” (‘‘Urban Real Estate Law’’) promulgated by the Standing Committee of the National People’s Congress in July1994, a real estate developer is defined as an enterprise which engages in the development and sale of real estate for the purpose of making profits. Under the ‘‘Regulations on Administration of Development of Urban Real Estate’’ (the ‘‘Development Regulations’’) promulgated by the State Council on 20 July 1998, in addition to requirements on establishing enterprises, an enterprise which is to engage in development of real estate shall satisfy the following requirements: 1) its registered capital shall be RMB 1 million or more and 2) have four or more full-time professional real estate/construction technicians and two or more full-time accounting officers, each of whom shall hold the relevant qualification certificate. The local government of a province, autonomous region or municipality directly under the central government may, based on local circumstances, impose more stringent requirements on the registered capital and the professional personnel of a real estate developer.

To establish a real estate development enterprise, the developer should apply for registration with the administration for industry and commerce on or above the county level. The real estate developer must also report its establishment to the real estate development authority in the location of the registration authority, within 30 days of the receipt of its Business License.

Under the ‘‘Foreign Investment Industrial Guidance Catalogue’’ promulgated jointly by the Ministry of Commerce (the “MOFCOM”) and the National Development and Reform Commission (the “NDRC”) in November 2004, the development and construction of ordinary residential units falls within the category of industries in which foreign investment is encouraged, whereas the development of a whole land lot and the construction and operation of high end hotels, villas, premium office buildings and international conference centres falls within the category of industries in which foreign investment is subject to restrictions, while other real estate development falls within the category of industry in which foreign investment is permitted. A foreign investor intending to engage in the development and sale of real estate may establish a joint venture or cooperative venture in accordance with the ‘‘Law of the People’s Republic of China on Sino-Foreign Joint Ventures’’ or the ‘‘Law of the People’s Republic of China on Sino-Foreign Cooperative Ventures’’ respectively. Prior to its registration, the parties to the joint venture or cooperative venture shall sign a joint venture/cooperative venture agreement, contract and articles of association, which must be approved by the foreign economic and trade authorities, upon which approval an Approval Certificate for a Foreign-Inv