The amended Securities Law allows investors to contribute capital by real estate to establish real estate investment funds or increase charter capital for real estate investment funds.
On June 26, the Prime Minister signed the issuance of Decree 60/2015 / ND-CP amending and supplementing a number of articles of Decree No. 58/2012 / ND-CP detailing and guiding the examination. administering a number of articles of the Securities Law and the Law amending and supplementing a number of articles of the Securities Law. Accordingly, investors are allowed to contribute capital by real estate to establish a real estate investment fund
Specifically, investors may contribute capital by real estate to establish real estate investment funds or increase charter capital for real estate investment funds. This capital contribution needs to meet the provisions of the fund charter, in accordance with the investment objectives and investment policies of the fund; at the same time, real estate is legally owned by investors, not restricted to transfer the ownership or use right of the proposed real estate to the fund; are not collateral being pledged, mortgaged, escrowed, deposited, frozen or in other collateral transactions in accordance with civil law and meet the provisions of Clause 2 Article 91 Decree 58/2012 / ND-CP.
Article 91: Investment activities of real estate investment funds
Item 2: Real estate investment fund may invest in real estate to meet the following conditions:
a) Being real estate permitted to be put into business according to the law on real estate business;
b) Being completed houses or construction works according to the construction law. In case the real estate is in the process of construction, the real estate investment fund may only invest when it meets the following conditions:
- Having a contract with potential customers, ensuring that real estate can be sold or used, leased immediately after completion;
- Construction project has been implemented on schedule as of the time of fund contribution;
- The total value of real estate projects in the construction process that the investment fund does not exceed 10% of the fund's total asset value;
- Not the land without construction works in accordance with the law on real estate business and Land Law.
The valuation of real estate contributed to real estate investment funds must be conducted by two independent price appraisal organizations in accordance with the law on price appraisal, laws on real estate business and legal regulations. relate to. Valuation is carried out for a period of not more than 6 months, up to the date of submission of the offer and issuance of fund certificates.
In case of establishment of a fund, the value of assets contributed as capital must be approved by all investors with real estate and founding members (if any) of the fund. In case of increasing the charter capital of the fund, the value of contributed assets must be approved by the General Meeting of Investors.
In case the real estate contributed to the fund is valued higher than the actual value at the time of capital contribution, the investors contributing capital in real estate shall jointly contribute by the difference between the valuation value. and the actual value of the capital contribution property at the time of valuation termination; At the same time, it is jointly responsible for the damage caused by intentional valuation of real estate that is higher than the actual value.
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Source: cafef.vn
