EXECUTIVE SUMMARY

There is no doubt China has the world’s fastest-growing economy and its currency (RMB) has grown significantly over the past years in terms of the volume utilised for trade settlement, finance and investment. According to the latest survey compiled by the Society of Worldwide Interbank Financial Telecommunications (SWIFT), a global provider of secure financial messaging services, RMB payments worldwide have almost tripled in value over the past two years. As of September 2014, the RMB was ranked seventh in the top 20 global payments currencies. Looking forward, due to the increasing usage in Hong Kong, China and other offshore centers, it is predicted to be mature enough to become a reserve currency within the next five years.

In order to cater for expanding settlement volumes, and support the future development of new products and services denominated in RMB, Qianhai in Shenzhen will play a unique role in fostering RMB internationalisation by accelerating the circulation of RMB funds across the border.

In an effort to explore the opportunities and challenges Qianhai poses, Colliers will comment on the positioning of Qianhai in relation to Hong Kong and other factors, such as the Shanghai Free-Trade Zone (SHFTZ), and the latest development policies, such as the newly announced 15% corporate tax and its subject beneficiaries.

Competition is inevitable but characterised by the Central Government supported incentives and policies, Colliers believe the position of Qianhai as a “special zone”, will provide more opportunities rather than challenges in and beyond the Pearl River Delta region.

このほど運用が開始されたINREVガイドライン2014は18ヶ月間に渡り、300社以上の業界関係者によるコンサルテーションやインプットに基づき、幅広い層の非上場不動産ビークルをカバーしています。ガイドラインはマーケットの変化に対応すべく、より使いやすく、容易にアクセス出来るよう作成されています。

旧版と比較し、コーポーレートガバナンス、流動性、報告の項目を中心に更新しています。業界の新たなガイドラインとして、透明性及びパフォーマンス分析の質が向上し、機関投資家の選択肢を増やす手助けになることでしょう。

INREVガイドライン2014は下記により構成されています。

• 7つのモデュール（項目）：コーポレートガバナンス、報告、不動産評価、INREV NAV、手数料・費用測定基準、流動性、INREVデータデリバリー
• 7つのツール：コンプライアンスチェックリスト、コーポレートガバナンスの自己評価ツール、ファンド・オブ・ファンズのマネージャーとマルチマネージャー向けデューデリジェンスの質問表、標準的な非開示契約、債務及びデリバティブ開示注釈書、標準データデリバリーシート
• 7つの事例：コンプライアンス・デシジョンツリー、INREVガイドラインの採用レベルの報告書、サステイナビリティ報告の推奨、キャピタルコールおよびディストリビューション、INREV NAVの計算、手数料・費用測定基準の計算および表示方法、私募目論見書の構成

以後必要に応じてモデュール（項目）、ツール、事例の追加をしていきます。

連絡先

ガイドラインのお問い合わせはAmélie Delaunay ([email protected])、もしくは林文香([email protected])までご連絡ください。

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Korea
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Singapore
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