CC New_rule_on_foreign_debts[1]

CC New_rule_on_foreign_debts[1] - Client briefing July 2007...

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BEIJING-1/18767/01 Client briefing July 2007 New Rule on Foreign Debts of Foreign Invested Real Estate Enterprises On 10 July 2007, the State Administration of Foreign Exchange ("SAFE") issued a new notice governing the foreign debt registration and foreign exchange registration of foreign invested real estate enterprises, entitled "Notice of the list of first batch of foreign invested real estate projects that have been filed with the Ministry of Commerce" ("Notice 2007-130"). Notice 2007-130 contains two important provisions. SAFE Headquarters requires that the local branches of SAFE: shall not accept the foreign debt registration or foreign debt settlement verification for foreign invested real estate enterprises (including establishment and capital increase) that have been approved by the Ministry of Commerce ("MOFCOM") at the local level and completed the necessary filing requirements with central MOFCOM on or after 1 June 2007. This means that these foreign invested real estate enterprises are not allowed to raise foreign debts, including borrowings from foreign shareholders or foreign banks; and
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CC New_rule_on_foreign_debts[1] - Client briefing July 2007...

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