{"id":154,"date":"2015-07-14T21:05:19","date_gmt":"2015-07-14T21:05:19","guid":{"rendered":"https:\/\/leijianglaw.com\/WP\/?page_id=154"},"modified":"2023-09-12T11:02:34","modified_gmt":"2023-09-12T15:02:34","slug":"commercial-land-finance","status":"publish","type":"page","link":"https:\/\/leijianglaw.com\/zh\/commercial-land-finance\/","title":{"rendered":"\u5546\u52a1\u5730\u4ea7\u878d\u8d44"},"content":{"rendered":"

\u5546\u52a1\u5730\u4ea7\u878d\u8d44\u5728\u6765\u6e90\u548c\u878d\u8d44\u671f\u9650\u65b9\u9762\u53d1\u751f\u4e86\u5f88\u5927\u7684\u53d8\u5316\u3002\u4e0d\u8fc7\u4e00\u4e9b\u57fa\u672c\u7279\u5f81\u8fd8\u662f\u503c\u5f97\u4e00\u63d0\u3002<\/p>\n

\u671f\u9650\uff1a<\/strong>\u8d37\u65b9\u66f4\u591a\u5730\u4f7f\u7528\u77ed\u671f\u8d37\u6b3e\u3002\u5982\u679c\u5141\u8bb8\u5229\u606f\u6839\u636e\u901a\u8d27\u81a8\u80c0\u7387\u4e0a\u4e0b\u6d6e\u52a8\uff0c\u6216\u8005\u8d37\u6b3e\u5305\u542b\u50ac\u7f34\u6761\u6b3e(Call Provision)\u4ee5\u4f7f\u5f97\u8d37\u65b9\u53ef\u4ee5\u5728\u8d37\u6b3e\u88ab\u507f\u8fd8\u5b8c\u4e4b\u524d\u7684\u4e00\u6bb5\u7279\u5b9a\u65f6\u95f4\u5185\u8981\u6c42\u507f\u8fd8\uff0c\u90a3\u4e48\u8d37\u65b9\u53ef\u80fd\u4f1a\u540c\u610f\u957f\u671f\u8d37\u6b3e\u3002\u8d37\u65b9\u4e5f\u53ef\u4ee5\u53c2\u4e0e\u5206\u4eab\u62b5\u62bc\u623f\u4ea7\u7684\u6536\u5165\u3002<\/p>\n

\u6765\u6e90\uff1a<\/strong>\u4fdd\u9669\u516c\u53f8\uff0c\u9000\u4f11\u91d1\u57fa\u91d1\u4ee5\u53ca\u5546\u4e1a\u94f6\u884c\u662f\u76ee\u524d\u5546\u52a1\u5730\u4ea7\u878d\u8d44\u9886\u57df\u7684\u4e3b\u8981\u53c2\u4e0e\u8005\u3002<\/p>\n

\u5728\u8fd9\u4e2a\u9886\u57df\u6709\u4e09\u79cd\u4e3b\u8981\u7684\u5b9e\u4f53\u5f62\u5f0f\uff1a\u6709\u9650\u5408\u4f19\u516c\u53f8\uff08limited partnership\uff09\uff0c\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\uff08Real Estate Investment Trust \u2014 REIT\uff09\u4ee5\u53ca\u5408\u8d44\u4f01\u4e1a\uff08joint venture\uff09\u3002\u6709\u9650\u5408\u4f19\u516c\u53f8\u53ef\u4ee5\u8ba9\u9ad8\u6536\u5165\u7684\u4e2a\u4f53\u6295\u8d44\u8005\u4eab\u53d7\u7a0e\u6536\u65b9\u9762\u7684\u597d\u5904\u3002REIT\u4e5f\u80fd\u8fbe\u5230\u76f8\u4f3c\u7684\u6548\u679c\uff0c\u4f46\u662fREIT\u5728\u64cd\u4f5c\u4e0a\u66f4\u50cf\u5171\u540c\u57fa\u91d1\uff0c\u5b83\u628a\u623f\u5730\u4ea7\u96c6\u4e2d\u5728\u4e00\u8d77\u3002\u5bfb\u6c42\u6301\u80a1\u5730\u4f4d\u7684\u673a\u6784\u8d37\u6b3e\u4eba\u901a\u5e38\u4f1a\u9009\u62e9\u4e0e\u5f00\u53d1\u5546\u6216\u8005\u5176\u4ed6\u4f01\u4e1a\u5efa\u7acb\u4e00\u4e2a\u5408\u8d44\u4f01\u4e1a\u6765\u8fdb\u884c\u9879\u76ee\u7684\u6784\u5efa\u548c\u8fd0\u4f5c\u3002<\/p>\n

\u8d37\u6b3e\u62b5\u62bc<\/strong>
\n\u5b8c\u6210\u4e00\u4e2a\u62b5\u62bc\u8d37\u6b3e\u4ea4\u6613\u9700\u8981\u51c6\u5907\u5f88\u591a\u6587\u4ef6\u3002\u5bf9\u4e8e\u590d\u6742\u7684\u91d1\u878d\u4ea4\u6613\uff0c\u5f8b\u5e08\u4f1a\u51c6\u5907\u4e00\u4efd\u8be6\u7ec6\u7684\u6e05\u5355\u6765\u786e\u4fdd\u6240\u6709\u7684\u6587\u4ef6\u90fd\u51c6\u5907\u597d\u4e86\uff0c\u6bd4\u5982\u7968\u636e\u8d2d\u4e70\u534f\u8bae\uff08note purchase agreement\uff09\uff0c\u79df\u5951\uff08lease\uff09 \uff0c\u79df\u5951\u8f6c\u8ba9\uff08assignments of leases\uff09\uff0c\u672c\u7968\uff08promissory notes\uff09\uff0c\u62b5\u62bc\uff08mortgage\uff09\uff0c\u878d\u8d44\u58f0\u660e\uff08mortgage financing statement\uff09\uff0c\u5404\u79cd\u8bc1\u660e\u4ee5\u53ca\u8be6\u7ec6\u7684\u6cd5\u5f8b\u610f\u89c1\u3002\u5728\u8fd9\u5176\u4e2d\uff0c\u672c\u7968\u662f\u6700\u91cd\u8981\u7684\uff0c\u56e0\u4e3a\u5b83\u662f\u6b20\u503a\u4e0e\u627f\u8bfa\u8fd8\u503a\u7684\u8bc1\u636e\u3002\u501f\u503a\u4eba\u53ea\u9700\u8981\u5728\u4e00\u4efd\u672c\u7968\u4e0a\u7b7e\u5b57\u3002<\/p>\n

\u5f00\u53d1\u5546\u548c\u6295\u8d44\u8005\u4e3b\u8981\u5bf9\u62b5\u62bc\u8d37\u6b3e\u7684\u4ee5\u4e0b\u65b9\u9762\u611f\u5174\u8da3\uff1a<\/p>\n

    \n
  1. \u8d37\u6b3e\u989d<\/li>\n
  2. \u5229\u7387<\/li>\n
  3. \u671f\u9650<\/li>\n
  4. \u8fd8\u6b3e\u6761\u6b3e<\/li>\n
  5. \u63d0\u524d\u9884\u4ed8\u6761\u6b3e<\/li>\n<\/ol>\n

    \u4e3a\u4e86\u9632\u6b62\u8d37\u6b3e\u62d6\u6b20\uff0c\u672c\u7968\u901a\u5e38\u4f1a\u5305\u542b\u4ee5\u4e0b\u5185\u5bb9\uff1a<\/span><\/p>\n

      \n
    1. \u51fa\u552e\u6e05\u507f\u6761\u6b3e \uff08Due-on-Sale provision\uff09<\/li>\n
    2. \u7981\u6b62\u6b21\u7ea7\u62b5\u62bc\u4fe1\u8d37<\/li>\n
    3. \u50ac\u7f34\u9009\u62e9\u6743 \uff08option to call\uff09<\/li>\n
    4. \u91cd\u65b0\u6e05\u7b97\u6743 \uff08option to recast\uff09<\/li>\n<\/ol>\n

      \u8d37\u65b9\u4e5f\u4f1a\u64b0\u5199\u62d6\u6b20\u6761\u6b3e\u6765\u9632\u6b62\u635f\u5931\uff0c\u6bd4\u5982\u52a0\u901f\u8fd8\u6b3e\u6761\u6b3e\uff08accelerate payment provision\uff09\u4ee5\u53ca\u6e05\u7b97\u635f\u5931\u6761\u6b3e\uff08liquidated damage provision\uff09\u3002<\/p>\n

      \u76ee\u524d\u5546\u4e1a\u5730\u4ea7\u8d37\u6b3e\u5927\u591a\u662f\u975e\u8ffd\u7d22\u6027\u7684\uff08non-recourse\uff09\uff0c\u4e5f\u5c31\u662f\u8bf4\u6b20\u6b3e\u4eba\u6ca1\u6709\u4e2a\u4eba\u8d23\u4efb\u3002\u8fd9\u662f\u901a\u8fc7\u4f7f\u7528\u65e0\u8d23\u58f0\u660e\u6761\u6b3e\uff08exculpatory provision\uff09\u6765\u5b9e\u73b0\u7684\u3002\u5728\u64b0\u5199\u8be5\u6761\u6b3e\u65f6\u4e00\u5b9a\u8981\u5c0f\u5fc3\u3002<\/p>\n

      \u8d37\u6b3e\u62b5\u62bc \u2014 \u5efa\u7b51\u878d\u8d44<\/strong>
      \n\u4e3a\u5efa\u7b51\u63d0\u4f9b\u8d44\u91d1\u7684\u8d37\u65b9\u9762\u5bf9\u7684\u662f\u4e00\u4ef6\u98ce\u9669\u66f4\u5927\u4e5f\u66f4\u590d\u6742\u7684\u4efb\u52a1\u3002\u8fd9\u662f\u56e0\u4e3a\u5efa\u7b51\u8d37\u65b9\u5fc5\u987b\u57fa\u4e8e\u5f88\u591a\u6587\u4ef6\u6765\u4f30\u4ef7\uff0c\u5305\u62ec\u9879\u76ee\u8ba1\u5212\uff0c\u5efa\u7b51\u56fe\u53ca\u8bbe\u8ba1\u4ee5\u53ca\u6536\u5165\u9884\u7b97\u3002\u8d37\u6b3e\u884c\u4e1a\u901a\u8fc7\u5c06\u5f00\u53d1\u878d\u8d44\u5206\u7ed9\u5efa\u7b51\u8d37\u65b9\uff08\u63d0\u4f9b\u77ed\u671f\u6d6e\u52a8\u5229\u7387\u8d37\u6b3e\uff09\u548c\u957f\u4e45\u8d37\u65b9(\u63d0\u4f9b\u957f\u671f\u8d37\u6b3e)\u7684\u65b9\u5f0f\u6765\u964d\u4f4e\u98ce\u9669\u548c\u590d\u6742\u6027\u3002<\/p>\n

      \u5efa\u7b51\u8d37\u65b9\u4f1a\u5728\u5efa\u7b51\u8fc7\u7a0b\u4e2d\u5206\u6b65\u5c06\u8d44\u91d1\u6ce8\u5165\uff0c\u5e76\u7528\u5730\u4ea7\u7684\u7b2c\u4e00\u7559\u7f6e\u62b5\u62bc\u6743\u6765\u4fdd\u62a4\u5b83\u7684\u8d37\u6b3e\u3002\u957f\u4e45\u8d37\u65b9\u4f1a\u5728\u5efa\u7b51\u5b8c\u6210\u65f6\u628a\u5efa\u7b51\u8d37\u6b3e\u201c\u62ff\u51fa\u6765\u201d\uff0c\u7528\u957f\u671f\u8d37\u6b3e\u4ee3\u66ff\u5efa\u7b51\u8d37\u6b3e\u3002<\/p>\n

      \u79df\u5951 \u2014 \u571f\u5730\u79df\u8d41\u5408\u540c\u548c\u79df\u8d41\u8d22\u4ea7\u62b5\u62bc (The Ground Lease and Leasehold Mortgage)<\/strong>
      \n\u5c3d\u7ba1\u571f\u5730\u79df\u8d41\u5408\u540c\u662f\u5173\u4e8e\u79df\u8d41\u571f\u5730\uff0c\u7136\u800c\u5b83\u7684\u4f5c\u7528\u8fdc\u4e0d\u6b62\u5982\u6b64\uff0c\u800c\u4e14\u5b83\u548c\u4e00\u822c\u7684\u573a\u5730\u79df\u8d41\u5728\u4ee5\u4e0b\u65b9\u9762\u6709\u5f88\u5927\u7684\u4e0d\u540c\uff1a<\/p>\n

        \n
      1. \u571f\u5730\u7684\u6539\u5584\u88ab\u79f0\u4e3a\u79df\u8d41\u8d22\u4ea7\u6539\u5584\uff08leasehold improvement\uff09\uff0c\u901a\u5e38\u5f52\u79df\u6237\u62e5\u6709\u3002<\/li>\n
      2. \u571f\u5730\u79df\u8d41\u5408\u540c\u901a\u5e38\u662f\u201c\u51c0\u7684\u201d\uff0c\u610f\u601d\u5c31\u662f\u79df\u6237\u51e0\u4e4e\u652f\u4ed8\u6240\u6709\u652f\u51fa\u3002\u51fa\u79df\u4eba\u7684\u5730\u4f4d\u548c\u6709\u4fdd\u969c\u7684\u8d37\u6b3e\u4eba\u5728\u5f88\u591a\u65b9\u9762\u90fd\u5f88\u7c7b\u4f3c\u3002<\/li>\n
      3. \u5408\u540c\u671f\u957f\u662f\u571f\u5730\u79df\u8d41\u5408\u540c\u7684\u6807\u5fd7\u3002\u79df\u671f\u4e00\u822c\u5f88\u5c11\u5c11\u4e8e35\u5e74\u3002<\/li>\n
      4. \u5fc5\u987b\u8003\u8651\u673a\u6784\u8d37\u6b3e\u4eba\u7684\u9700\u6c42\u3002<\/li>\n
      5. \u4e00\u4efd\u571f\u5730\u79df\u8d41\u5408\u540c\u6700\u597d\u4e0d\u8981\u6839\u636e\u5b83\u7684\u6761\u6b3e\u6765\u7406\u89e3\uff0c\u800c\u662f\u5e94\u8be5\u628a\u5b83\u5f53\u505a\u662f\u4e00\u79cd\u878d\u8d44\u5de5\u5177\u6765\u7406\u89e3\u3002<\/li>\n<\/ol>\n

        \u79df\u5951 \u2014 \u552e\u540e\u56de\u79df (Sale-Leaseback)<\/strong>
        \n\u552e\u540e\u56de\u79df\u662f\u4e00\u79cd\u53ef\u4ee5\u51cf\u5c0f\u5f00\u53d1\u5546\u5728\u5730\u4ea7\u4e0a\u6295\u8d44\u7684\u4e00\u79cd\u91d1\u878d\u5de5\u5177\u3002\u4f20\u7edf\u7684\u62b5\u62bc\u878d\u8d44\u901a\u5e38\u9650\u5236\u572875%\u7684\u4ef7\u503c\u7387\u3002\u8fd9\u4e2a\u6bd4\u7387\u53ef\u4ee5\u901a\u8fc7\u5728\u62b5\u62bc\u8d37\u6b3e\u4e4b\u5916\u4f7f\u7528\u552e\u540e\u56de\u79df\u7684\u65b9\u5f0f\u6765\u8d85\u8fc7\u3002\u57fa\u672c\u6765\u8bf4\u552e\u540e\u56de\u79df\u662f\u4e00\u4e2a\u76f8\u5bf9\u7b80\u5355\u7684\u4ea4\u6613\u3002\u571f\u5730\u6240\u6709\u8005\u628a\u571f\u5730\u5356\u7ed9\u6295\u8d44\u8005\uff0c\u7136\u540e\u540c\u65f6\u53c8\u628a\u8be5\u571f\u5730\u4ee5\u957f\u671f\u79df\u8d41\u7684\u5f62\u5f0f\u79df\u56de\u6765\u3002\u8fd9\u6837\u7684\u79df\u8d41\u57fa\u672c\u4e0a\u7ed9\u4e88\u4e86\u79df\u6237\u5168\u90e8\u804c\u8d23\u548c\u5229\u76ca\u3002<\/p>\n

        \u848b\u9038\u857e\u5e08\u4e8b\u52a1\u6240\u63d0\u4f9b\u623f\u5730\u4ea7\u878d\u8d44\u548c\u5176\u4ed6\u623f\u5730\u4ea7\u4ea4\u6613\u65b9\u9762\u7684\u6cd5\u5f8b\u670d\u52a1\u3002\u8bf7\u8054\u7cfb\u6211\u4eec<\/a>\u4ee5\u83b7\u5f97\u66f4\u591a\u8be6\u7ec6\u4fe1\u606f\u548c\u5177\u4f53\u5206\u6790\u3002<\/p>","protected":false},"excerpt":{"rendered":"

        Commercial real estate finance has changed dramatically, both in the sources and the terms of the finance.\u00a0 Still some fundamental patterns should be noted. Terms: short term notes are used more by lenders.\u00a0 The lender may agree to a long term loan if the interest rate is allowed to float according to an inflation index […]<\/p>","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-154","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/leijianglaw.com\/zh\/wp-json\/wp\/v2\/pages\/154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/leijianglaw.com\/zh\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/leijianglaw.com\/zh\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/leijianglaw.com\/zh\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/leijianglaw.com\/zh\/wp-json\/wp\/v2\/comments?post=154"}],"version-history":[{"count":5,"href":"https:\/\/leijianglaw.com\/zh\/wp-json\/wp\/v2\/pages\/154\/revisions"}],"predecessor-version":[{"id":2719,"href":"https:\/\/leijianglaw.com\/zh\/wp-json\/wp\/v2\/pages\/154\/revisions\/2719"}],"wp:attachment":[{"href":"https:\/\/leijianglaw.com\/zh\/wp-json\/wp\/v2\/media?parent=154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}