一、法律風險案例 

1.案例介紹

  2010年4月，北京A投資公司與B房地產公司簽訂股權轉讓協議，A投資公司以人民幣15.7億元收購B房地產公司在山東威海的C項目公司100%股權，協議約定C項目公司名下的項目包括一棟五星級酒店、二棟5A級寫字樓、十一棟住宅樓，總建筑面積達22萬平方米。

  2010年7月10日，A投資公司與B房地產公司辦完C項目公司的100%股權交割手續，A投資公司已分三次付清全部的股權收購款項（其中最后一筆20%的股權轉讓款已于股權交割后7日內支付）。2010年10月,五星級酒店、兩棟5A級寫字樓、十一棟住宅樓均辦理了預售手續，部分房屋已經售出。2011年4月,兩棟5A級寫字樓完成竣工驗收。

   2011年5月9日，山西某煤礦企業D公司向C項目公司發函，要求C項目公司依照雙方于2009年簽署的合作協議，與D公司立即簽署上述物業中“五星級酒店”及部分住宅樓的商品房預售合同，先前于2009年8月支付給C項目公司的合作款項人民幣3.1億元抵作購房款，并隨函附上雙方于2009年簽署的合作協議。C項目公司因股權發生變更，對D公司要求遲遲不作回應，隨后D公司對C項目公司提起訴訟。同時，銀行要求C項目公司提前償還貸款，涉案房產被查封，隨即C項目公司銀行帳戶被凍結，其他購房人也紛紛提起訴訟。

   隨即A投資公司起訴B房地產公司。法院做出判決，B房地產公司賠償A投資公司各項損失18億元，B房地產公司無力支付。

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）本案的特點：

  1）涉案金額大，高達15.7億元；

  2）涉及主體多，前后共涉及數家金融機構和幾十個購房人，社會負面影響大；

  3）投資人對投資項目了解有限，未查清項目全部負債情況，損失慘重。

  （2）投資房地產項目的兩種基本形式：房地產項目公司股權收購（本案例）和資產收購（含在建工程）

2. Case analysis

  （1）Features of the case:

  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、預控風險的建議 

  為預控投資房地產項目的法律風險，經集團證券法務部、集團規劃運營部、北京市明誠律師事務所和北京市中倫文德律師事務所等四個部門的相關人員共同商討，一致建議如下：

  1、結合實際情況，采用相應的方式進行房地產項目收購:   

  1)資產收購   ------  資信、誠信記錄不良的客戶

  2)增資擴股、股權融資  ------  投資總額小于25%（不含土地出讓金）

  3）全資收購  -------  投資總額大于25%（不含土地出讓金）     

  2、如系房地產項目公司股權收購，建議處理如下：

  （1）在進行房地產項目公司股權收購前，簽署合作備忘錄或合作框架協議后，聘請專業律師、會計師、評估師等專業人員進行法律、財務等充分盡職調查，揭示并了解擬收購項目存在的各種風險。

  （2）在安排付款時，注意預留一定比例的股權轉讓款項（如20%以上）在股權交割完畢一定時間（如2年）后如無遺留問題時再行支付；

  （3）在項目股權收購協議中約定轉讓方的承諾和保證，如轉讓方違反其承諾或保證中任何一項或多項時明確轉讓方應承擔的違約責任；

  （4）在收購過程中如發現轉讓方存在違約行為,應立即停止支付有關轉讓款,要求轉讓方限期糾正違約行為,必要時采取財產保全措施;

  （5）凡出現房地產項目股權轉讓糾紛，按下列程序處理：

  ①盡快通知法務部門和外聘律師協商解決,并要求轉讓方或提供相應的履約擔保；

  ②如與轉讓方無法達成協議，可通過法律途徑采取訴前查封、凍結轉讓人的有關財產和帳戶的保全措施；

  ③向人民法院提起訴訟或依約向仲裁機構提起仲裁。

二、Recommendations on Risk Prevention

  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:

  1.Proper ways of real estate projects investment can be chosen based on the actual situations:

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

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

  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:

  （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.

  （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:

  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;

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