-- §@ªÌ¡G ¤µ¤i¦ó¤i -- µoªí®É¶¡¡G 2007/01/22 10:32am ÁA¸Ñª÷¿Ä¾ú¥vªº¤Hª¾¹D,1985¦~¼s³õ¨ó©wñ­q¡A¬ü°ê¬IÀ£«á¡A¤é¤¸¶}©l¤É­È¡C °²³]§Ú¬O¬ü°ê°]¹Î¡A§Ú·íµMª¾¹D1985·|µo¥Í¤°»ò¡A°²³]§Ú¦b1983¦~§a¡A§Ú¥Î100»õ¬ü¤¸§I´«¦¨24000»õ¤é¤¸¡A¶i¤J¤é¥»¥«³õ¡AÁʶR¤é¥»ªÑ²¼©M©Ð¦a²£¡A¤é¥»¸gÀÙªº½´«k¾É­PªÑ¥«©M©Ð¦a²£µoºÆ¤@¼Ëªº¤Wº¦¡A1985¦~¼s³õ¨óijñ­q¡A¤é¤¸¶}©l¤É­È¡A¨ì1988¦~ªì¡AªÑ¥«©M©Ð¦a²£°²³]§Ú¤w¸gÁȨì¤F¤@­¿¡]5¦~¤~½¤@­¿¬O³Ì§C°²³]¤F¡^¡A¨º´N¬O48000»õ¤é¤¸¡C ³o®É¡A¤é¤¸¤É­È¨ì1:120¡C§Ú§â¤é¥»ªº©Ð¦a²£©MªÑ²¼¦b¤@¦~¤¤©ß°â§¹¡AµM«á§I´«¦^¬ü¤¸¡A¨º»ò¡A´N¬O400»õ¬ü¤¸¡I ¦b5¦~®É¶¡¤¤¡A§Ú²bÁÈ300»õ¬ü¤¸¡I¡]ÁÙ¬O³Ì§C°²³]¡^¡C ¨º»ò¤é¥»©O¡H¬ðµMÂ÷¶}ªº¥¨ÃB¥~¸ê´N¾É­P¤F¤é¥»¸gÀÙªº±Y¼ì¡I¸gÀپǥεü¥s¡§ªwªj¸gÀÙ¯}·À¡¨¡C³o´N¬O¤é¥»±`»¡ªº¡G¡§¥¢¥hªº¤Q¦~¡¨¡C¦Ó§Ú³s¥»±a§Qªº400»õ¬ü¤¸¦^¨ì¬ü°ê¡A§A·Q¤@·Q¡A¬ü°ê¸gÀٯण©ô²±¶Ü¡H¡I¡I¤é¥»¡§¥¢¥hªº¤Q¦~¡¨¡A«o¥¿¬O¬ü°ê¡§¿³©ôªº¤Q¦~¡¨¡I §Ú¥u¬O¬ü°ê°]¹Î¤¤ªº¤@­Ó¡A¨ä¥L°]¹Î©O¡H¼K¼K¡A¦Ó¥B§Úªº°²³]ÁÙ¥u¬O¨ì1988¦~¡A¦pªG¬O¨ì1995¦~¡A¤é¤¸¤É­È¨ì1:79¡A§A§Ú¯à·Q¹³¬ü°ê¦b³o³õ¸gÀÙ¾Ôª§ªº³Ó§Q¤¤¡A¨ì©³±q¤é¥»¨í¨«¤F¦h¤Ö°]´I¡H¬ü°êÁÈ°÷¤F¡A¤é¤¸²{¦b¤S­«·s¦^¨ì¤F1:140ªº¦ì¸m¤W¡A¬ü¤¸ªº°í®¼¨ÌµM©M30¦~«e¤@¼Ë¡I¬ü¤¸¼È®É©Êªº¶S­È¡A¨Ã¨S¦³·l®`¨ì¬ü¤¸ªº°ê»Ú¦a¦ì¡C³o³õ¬ü¤éªº¸gÀÙ¾Ôª§¡A¥H¬ü°ê§¹³Ó¦Ó§i²×¡I¡I ¬ü°ê¤Hª±¤WÅ}¤F¡C1998¦~¡A¦P¼Ëªº¤âªk¦bªF«n¨È¥|¤pÀs¥|¤pªê¨­¤W¤S¨Ó¤F¤@¦¸¡A³o´N¬O¨È¬wª÷¿Ä­·¼É¡I°ß¤@¤£¦Pªº¡A³o¦¸¤£»Ý­n¼s³õ¨ó©w¤F¡C¦]¬°¨È¬w³o¨Ç¤pªê¤pÀsªº¥~¶×Àx³Æ­Ìª½±µªýÀ»´N¥i¥H¤jÀò¥þ³Ó¡I¦ý¬O¡AÁÙ¬O¨S¦³¾Ô³Ó°]¤j®ð²Ê¡B­x¨Æ±j²±¡B©^¦æÅQÅv¥D¸qªº¬ü°ê¡Aµ²§½¤j®a¤]¬Ý¨ì¤F¡AªF«n¨È³f¹ô¦b¥ý¤É«á¶^¤¤¡A¸gÀÙµo®iªº¦¨ªG³Q¬ü°ê·m±°¤@ªÅ¡I°ß¤@¥«³õµw®¼¦í¤F¯Áù´µªº¶i§ð¦Ó¨S¦³¸gÀÙ±Y¼ìªº´N¥u¦³¦^Âk«áªº­»´ä¡A«O¦í¤F­»´ä´X¤Q¦~ªºµo®iªG¹ê¡C·í®É¯Áù´µµo°Ê¥@¬ÉÁֽס]¥]¬A­»´äÁֽס^¡A¤j¸v§ðÀ»­»´ä¬F©²¡]¤¤°ê¬F©²¡^¡§¦æ¬F¤z¹w¥«³õ¡¨¡A¹H¤Ï¥«³õ¸gÀÙ³W«h¡B¨S¦³¥Á¥D¦Û¥Ñ¡A­n¬O·í®É¤¤°ê©}ªA©ó¥@¬ÉªºÁÖ½×À£¤O¦Ó¤£¹B¥Î¡§§»Æ[½Õ±±¡¨¶i¦æ¤J¥«¤z¹w¡A¨º±NÆC¦¨¤jº×¡A¤S¤£ª¾¹D­n¦³¦h¤Ö°ê¤H¦V·í¦~ªº¤é¥»¨º¼Ë¦]¯}²£¦Ó¸õ¼Ó¦Û±þ¤F¡I[ Âà¦ÛÅK¦åªÀ°Ï http://bbs.tiexue.net/ ] -- §@ªÌ¡G rainbow -- µoªí®É¶¡¡G 2007/01/28 03:26am [³o½g¤å³¹³Ì«á¥Ñrainbow¦b 2007/01/28 04:29pm ²Ä 1 ¦¸½s¿è] I just read this, I apologize in advance for writing in English, if I have time, I will translate this into Chinese. Whoever wrote "¤H¥Á¹ô¤É­Èªº«áªG" is offering a biased and overly simplistic views on foreign currency, real estate market, and supply and demand in a free trade market (the Invisible Hand, anyone?). I suggest this person find and read current Fed chairman Ben Bernanke's textbooks on monetary economics theory. Bernanke writes in plain English, his textbooks are very easy to understand. His books helped me during my college years a great deal. Valuation of foreign currencies is based on SUPPLY AND DEMAND. In the 1980's, Japan was running a trade surplus because they offered quality goods at reasonable prices (eg. from Toyota, Honda, to instant noodles, to sushi).   Japanese Yen ¤É­È because foreign countries are willing to buy Japanese goods and services.  The increased demand for Japanese products drive up the value of Japanese Yen.  Basic supply and demand theory. The real estate market and the subsequent real estate bubble in Japan is caused by greedy speculators, not because the U.S. singlehandedly manipulated Japanese Yen and tried to profit from the real estate.   Take the current real estate bubble in Florida and California (the Southeastern part and the West Coast of the U.S.). [b][color=purple]Are you seriously going to say it was because the U.S. dollar is STRONG against the Euros (Haha!) or the China Reminbi (Haha!) which led to the real estate bubble in certain parts of the U.S.[/b][/color]  The real estate bubble in Florida and California is caused by greedy speculators who aimed to buy and flip the property for a much higher price. Come on, use your head sometimes.   -- §@ªÌ¡G ¤µ¤i¦ó¤i -- µoªí®É¶¡¡G 2007/02/01 06:21pm ¤]«Ü©êºp¤~¬Ý¨ì±zªº¦^½Æ¡C±zªº­^¤å§Ú¯à¬ÝÀ´¡A©Ò¥H¤£¥²Ä¶¦¨¤¤¤å¤F¡C ¦P¼Ë­n»¡ªº¬O¡Ause your head sometimes. ­è¬Ý¨ìªº¡A¡§¤Z¨Æ¤£­n©êµ´¹ïªÖ©w©Î§_©wªººA«×¡¨¡C¦hťť¤£¦PªºÁn­µ¡C -- §@ªÌ¡G ¤E¤d -- µoªí®É¶¡¡G 2007/02/01 07:42pm [³o½g¤å³¹³Ì«á¥Ñ¤E¤d¦b 2007/02/01 07:45pm ²Ä 2 ¦¸½s¿è] rainbow§Ú©Ó»{¤µ¤i¦ó¤i¤Þªº¨¥½×¬O¤Ï¬ü«Ò¥D¸q¦¡ªº¤f§k¡A¦ý½×simplicity¡A§Aªº«ä¦Ò¼Ò¦¡¦³¹L¤§¦ÓµL¤£¤Î¡C §A´£Ä³¤j®aŪBernankeªº±Ð¬ì®Ñ«Ü¤£¿ù¡A¦]¬°¥L²{¦b¥¿¥¿¬O¬ü°êÁpÀx§½¡]Federal Reserve¡^ªº¥D®u¡C¤£¹L¡ABernanke³Ì¬°¤H©Ò¼ôÃѪº¤£¬O³æ¯ÂSupply & Demandªº²z½×¡A¦Ó¬OInflation targeting¡CBernanke¦b¥X¥ôÁp§½¥D®u¤§«e¤]¸g±`­n¨D¬ü°ê¬F©²¨î©winflation targetingªº¬Fµ¦¡A¦³¤H¯ººÙ¡A¥L¬O­Óinflation-scared inflationist¡]·¥«×®`©È³qÁYªº³qµÈ¥D¸qªÌ¡^¡C ³o©M¤µ¦¸ªº°Q½×¦³¤°»òª½±µªºÃö¨t©O¡C¨ä¹ê¡A¤é¥»ªwªzÀÙÀÙÃz¯}ªº¨aÃø¡A´N¬O¨S¦³¤@­Ó¦n¹³Bernanke¤@Ãþªº¾ÇªÌ¡A¦b¸gÀÙªwªzÂr¯}¤§«e§@¥X§í¨î¸gÀÙªº¬ÛÀ³¹ïµ¦¡C §Ú·Q§A¤]Ū¹L§Q²v©M°ê»Ú滙²v¤§¶¡ªºÃö¨t§a¡H¦]¬°¬ü°ê¤H©È³qº¦¡A¤×¨ä¬OBernanke ¤W³õ«á¡A§Q²v¥i¥HÅܰʪºªÅ¶¡«Ü¤p¡C¦ý¹ïµØªº¤J¶W°ÝÃD¡A«o¬OµL­p¥i©ì¡A¬ü°ê¦Û¤v·Q¦Û«O¨¾³qº¦¡A³Ì¦nªº¤èªk´N¬O­¢¤H®a¤É­È¡C ¤H¥Á¹ô¥i¿×¬ü°ê¤H¤§µh¡A¦]¬° - ¤H¥Á¹ô¤£¬O°ê»Ú³f¹ô¡C¤É­È¥u·|¹ï¬ü°ê³æ¤è­±¦³§Q¡C¤¤°ê¥u­n¥~滙¥R¨¬©M»È¦æÅé¨t°÷³z©ú¡A©M¤£­n¨ü¥~°ê¤z¹w¦Û¤vªºª÷¿ÄÅé¨t¡A´N¤£©ç¥X²{¸gÀÙªw¥½Ãz¯}¡C ·í¦~¤é¥»¬F©²À³Åܤ£¨¬¡A°£¤F¦Û¤v°ê¤ºªº¤H³g¤ß¤§¥~¡A¤]©M¬ü°ê¹ï¤é¥»ªº°ê»Ú¸g¶U¬Fµ¦ªºª½±µ¤z¹w¦³Ãö¡C¤j®a¬OŪ¸gÀÙªº¡A¬Û«H¤£¥Î§ÚÁ|¨Òµý©ú¬ü°ê¦p¦ó¤z¹w¤é¥»¸gÀÙ¬Fµ¦ªº¡C §Ú·QÁ¿ªº¬O¡A¬ü°ê¦V¨Ó¹ï¥~°êªº¸gÀÙ¬Fµ¦¡A¤j³¡¥÷³£¬O¹ï¬ü°ê³æ¤è­±¦³§Qªº¡C½×°]§Þ¡A¥@¬É¤W¨S¦³¤@­Ó°ê®a¯à¤Î±o¤W¬ü°ê¡C¤é¥»ªº¸gÀÙ¨aÃø¡A©M¬ü°ê¤£µLÃö¨t¡A¹ê¦b«D±`­È±o§Ú­Ì­ÉÃè¡C ´N§Ú­è¤~©Ò»¡¤H¥Á¹ôªº°ÝÃD¡A¬ü°ê¦Û¤v¥i¥H½Õ¾ã§Q²v§@¦^À³¡A¦ý¦Û¤v¤£·Q©Ó¾á­·ÀI¡A´N­n­¢§O¤H§ïÅܬFµ¦¡C½T¹ê¬O«Ü¦Û¨pªº·Qªk¡C ¬ü°ê¿n·¥¤¶¤J¤¤°êªºª÷¿Ä¸gÀÙ¬Fµ¦¡A¨ä¹ê¤w¸g¦³«e¬ì¡C¬ü°êµÛ¦Wªº¤»¤Q¤ÀÄÁ®É¨ÆÂø¤]«Ü¤£«È®ðªº¬½§å¹L¬ü°ê¹ïµØªº¤J¶W¡]¤¤°ê³f¶i¤f¶W¥X¬ü°ê³f¥X¤f¤¤°ê¡^ªº«ü±±¨ä¹ê¬O°²¶H¡C¨ä¹ê¤j³¡¥÷¤J¶Wªº¼Æ¦r³£¬O¬ü°ê¦Û¤v¥»¤gªº§ë¸ê¡A¤]´N¬O»¡¡A¬ü°ê¤H­n¨D¤¤°ê¤H¥Í²£¤@¬ü¤¸ªº³f«~¡AµM«á¦b¬ü°ê¥»¤g½æ¤Q¬ü¤¸¡A¸òµÛ¦A¥Î³o­Ó¥ª¤â¥æ¥k¤âªº¼Æ¦r«ü±±¤¤°ê¶É¾P¡C³oºØ­ËªG¬°¦]ªº«ü±±¡A³s¬ü°ê¤H¦Û¤v³£¬Ý¤£¹L²´¡C ¦pªG¥Î³æ¯ÂªºSupply & Demand¥h¸ÑÄÀ¬ü°ê¹ï¥~ªºÀÙ¸g¬Fµ¦¡A¤U³õ¥u·|¸ò¤é¥»·í¦~¤@¼Ë¡C -- §@ªÌ¡G rainbow -- µoªí®É¶¡¡G 2007/02/04 03:19am [³o½g¤å³¹³Ì«á¥Ñrainbow¦b 2007/02/04 04:23pm ²Ä 2 ¦¸½s¿è] [u]1)  ¼Ó ¥D Âà¶Kªº¤å³¹·Q¥Î¤é¥»ªº³B¹Ò¤ñ¸û¤¤°ê¥Ø«eªº§Î¶Õ, ¬O comparing apples vs. oranges. ¤é¶ê»P¤H¥Á¹ô¥»½è¤£¬Û¦P.[/u] ¦b 1970 ¦~«á¡A Bretton Woods system ­Ë¶ò, ¤é¶ê¶}©l¯B°Ê¶×²v (floating exchange rate). ¤é¶ê¬O¦b´¯¶}ªº¥~¶×¥«³õ ¥i¦b forex market ¥æ©ö, ¤é¶ê¤£¬O¹jÂ÷«ÊÂꪺ currency. Japanese Yen's relative value is determined in foreign exchange market by supply and demand¡C ¤¤°êªº¤H¥Á¹ô¤£¬O open to ¥~¶×¥«³õ, ¬O¹jÂ÷«ÊÂꪺ currency, ¤H¥Á¹ô¬O relatively ©T©w¶×²v, its value is definitely NOT based on free market supply and demand. ¤£¹L, ¤¤°ê¸gÀÙ¦n, ¤H¥Á¹ï³f¹ôªº»Ý¨D§ó¦h, ¦L¨ê§ó¦h¤H¥Á¹ô, ¬y³q¦h, ®e©ö³q³f¿±µÈ. ¤¤°ê¬F©²¥i¥H¹K¤î¥~°ê¤H¾Ö¦³©Ð¦a²£Åv, ·Å¦{¤H³ßÅwª£©Ð¦a²£, Åý¦Û¤v¤Hª±°Õ. ¤¤°ê¤HÀ³¸Ó¿W¥ß«ä¦Ò, ¦Ò¼{¹ï¦Û¤v¦³§Qªº system, §Ú¦³ impression ¤¤°ê¤H¤Ó¨Ì¿à¥~°ê¤H, almost to the point of »{¬°¥~°ê¤H¥i¥H¨M©w§Aªº©R¹B. a)  ¨Ò¦p¥h¦~»s§@ªº°²¬G¨Æ:  ¤Ï¹ïÁp¦X°ê©Ó»{©M±µ¨ü²Åé¦r?!?! - ¨ä¹ê¡A¥xÆW¦b¤C¤Q¦~¥N¤w¸g¥¢¥h¨ä¦bÁp¦X°êªº¦¨­û°ê®a®y¦ì, ¦b¤C¤Q¦~¥N¤¤°ê¨ú¥N¥xÆW³Q©Ó»{, ¥¿Åé¦r¦bÁp¦X°ê¤]¦b¨º®É³Q²Åé¦r¨ú¥N, ¬°»s§@ªº°²¬G¨Æ ¤Ï¹ïÁp¦X°ê©Ó»{²Åé¦r, ¬°¤°»ò¤Ó¦b·N ¥~°ê¤H»{¦P¦Û¤v©Î§_©w¦Û¤vªº»y¨¥¨t²Î ¡H³o¬O¤¤°ê¤H¹ï¦Û¤v¯Ê¤Ö«H¤ßªº¸ñ¶H¡C b)  ¨Ò¦p¡A¤¤°ê¤H·Q­n¥~°ê¤H¾Éºt "¤¤°ê¥DÃD" ªº¹q¼v (¦è¹C°O) ©Î ¥~°ê¤H¦@¦P¾Éºt¦b¥_¨Êªº¶ø¹B??  Ãø¹D¥~°ê¤H²z¸Ñ¤¤°ê¤å¤Æ§ó¦n? ©Î¥~°ê¤HÁà¤Æ¤¤°ê¤H§ó¦³¤O¶q? [u]2)  §Ú¤£§_»{¬ü°ê·Q¤ä°t¥@¬É¡A¬ü°ê¦³ big ego¡C¦ý¬O, Âà¶Kªº¤å³¹ª½«ü¤é¥»©Ð¦a²£°I°h¬O¥Ñ¬ü°ê manipulate ¤é¶ê, ¤é¶ê¬O¥i¦b¦Û¥Ñªº forex market ¥æ©ö, its value is determined by supply and demand. Currency manipulation¥i¯àµu´Á work¡A¦ý¬O¥~¶×¥«³õ¬O¤@­Ó¤j¥«³õ, ¦p¦ó¾ÞÁa¤@­Ó¤jªº¦Û¥Ñ¥«³õ¡H1985 ¦~ªº Plaza Accord, ¬ü¤¸¦b¦Û¥Ñ¥~¶×¥«³õªá¤F¤j¬ù 2 ¦~¶S­È¬ü¤¸ against ¤é¶ê©M¼w°ê°¨§J, ¬ü°êªº¥Øªº¤D¬O benefit ¬ü°ê¶T©ö, ¤£¬O benefit §ë¾÷©Êª£¤é¥»©Ð¦a²£ªº¤H. ¬ü°ê¤H¹ï¦í®a¾Ö¦³Åv (home ownership)ªº·§©À¼Ò½k, ®a®xÆ[©À¤£¦p¦p¤¤°ê¤H±j, ¥L­Ì¤£¦p¤¤°ê¤H¼ö¤¤ home ownership ©Mª£©Ð¦a²£.[/u] §A°O±o ³¯ªG¤¯ (Vincent Chin) ¬O½Ö¶Ü¡H ¦b1982¦~¡A®É­È¬ü°ê¸gÀÙ§C°g¡A¤é¥»¨T¨®¤jÁ|·G»ù¯F¤J¬ü°ê¡A¬ü°ê¨T¨®¤u¤H¤H¤H¦Û¦M¡A¥Í­p¤£«O¡C³¯ªG¤¯¬O¤@¦WµØ¸Ç¤uµ{®v, ¥L¦b±K¦è®Ú¦{©³¯S«ß (Detroit, Michigan) ³Q´Î¥´¦º¡A¦]¬°¥¢·~ªº©³¯S«ß¨T¨®¤u¤H¿ù»~¦a§â³¯ªG¤¯µø¬°¤é¥»¤H¡C ¤µ¤Ñ¡A¬Æ¦Ü Hedge Fund ªº¤j­ô¤j Steven A. Cohen (SAC Capital hedge fund ¤j¦ÑÁó) ³Ìªñ¹ï¡mµØº¸µó¤é³ø¡n©Ó»{¥L "¤j­ô¤j" ±o§ó«÷©R¦a¦hµo²{¥ô¦ó¦nªº¥æ©ö, ¦]¬°¥«³õÅܱo«Ü¤j¡A¸ò³o»ò¦hªº Hedge Fund players ¤@°_, it's getting overcrowded, becoming much more difficult to find great deals in the market. Too much money chasing too few good deals. [u]3)  ³q³f¿±µÈÀ£¤O: ¹ï¬ü°ê¼vÅT¤£¤j. ¦]¬°¡u¤¤°ê»s³y¡v¤j¦h¬O·G»ù©M§C½è¶qªº²£«~. ¥u¼vÅT¦b Wal-Mart Áʪ«ªº½a¤H. ¨Tªo¤W¤É¤~¬O¬ü°ê³q³f¿±µÈªº¯u¥û.[/u] ¦]¬°¬ü°ê¦a¤è¤j, ¦{»ÚÅK¸ô¨t²Î (Amtrak) ¬O«ÜÁ¡®zªº, «Ü¤Ö¤H¨Ï¥Î Amtrak ÅK¸ô, »Ý­n­¸¾÷¶Ç¿é³fª«, ©Ò¦³³fª«©M²£«~¦b©è¹F¾÷³õ¥H«á, ¥²¶·¨Ï¥Î truck ©Î©ì©Ô¾÷©ì¨® (tractor trailer) ¶Ç¿é³fª«, ­¸¾÷, ¤j¥d¨®¯S§O¦Yªo, ¨Tªo¤W¤É = ¼W¥[­¸¾÷, ¤j¥d¨®¶Ç¿é¶O¥Î. 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McKenzie , Gregory Sin Oon Tan , Eric J. Piesner , Frederick Z. Lodge -------------------------------------------------------------------------------- New Policies Affecting Foreign Investment in Chinese Real Estate On July 24, 2006, the Xinhua news agency published the Opinions on Regulating the Entry into and the Administration of Foreign Investment in the Real Estate Market (关¤_规­S©Ð¦a产¥«场¥~资­ã¤J©MºÞ²zªº ·N见) (“Opinions? which was promulgated jointly by the Ministry of Construction, the Ministry of Commerce (“MOFCOM?, the National Development and Reform Commission, The People’s Bank of China, the State Administration of Industry and Commerce and the State Administration of Foreign Exchange on July 12, 2006. The Opinions constitute a compilation of both old and new rules relating to the PRC real estate sector. We attach a full English translation of these regulations for your perusal. For your easy reference, we also highlight below some of the key changes pursuant to the Opinions and what they may mean for a foreign investor when evaluating an investment in the PRC real estate. The Opinions include the following new rules: Purchaser Qualifications PRC branches and representative offices of foreign entities, as wellas foreign nationals, may purchase PRC real estate only for their own use. In order to be qualified to purchase PRC real estate for his or her own use, a foreign national must have been resident in China for more than one year. Hong Kong, Macau and Taiwan residents and overseas Chinese are generally subject to foreign investment rules but the Opinions seem to suggest that this one-year residency requirement may not apply to Hong Kong, Macao or Taiwan residents or to overseas Chinese and that such individuals who are not resident in mainland China may buy units of “a certain size?for their own use. No guidance has yet been provided as to what that size is.   Direct offshore ownership of PRC real estate is otherwise not permitted and foreign investors wishing to purchase PRC property in other circumstances must set up a foreign-invested real estate enterprise (“FIREE?, such as a cooperative or equity joint venture or a wholly-foreign-owned enterprise, in the PRC to do so. Greater Restrictions on Debt Financing Rules generally applicable to foreigninvested enterprises provide that a stipulated percentage of the total investment amount of an enterprise must be made up of “registered capital? which is the equity subscribed by the parties. The specific percentage depends on the size of the enterprise and ranges from 33.3% to 70%. The Opinions provide that an FIREE regardless of size must have registered capital of not less than 50% of its total investment amount, effectively tightening applicable debt-to-equity rules. An FIREE is also prohibited from obtaining loans if (a) its registered capital has not been fully paid up, (b) it has not yet obtained a “land use certificate?for the land (c) the paid-in capital of the development project is less than 35% of the total investment of the project. The net effect of these rules is to restrict the timing and extent of debt financing of foreign-invested real estate projects in China. Depending on the extent to which these rules govern shareholder as well as bank loans, a foreign investor’s return on investment will also be affected. Requirement of Full Payment of Land Premium FIREEs will not be issued formal approval certificates and the full term of their business licenses before the land grant premium for acquisition of land has been paid in full. Greater Scrutiny of Acquisitions by Foreign Investors of Existing Projects A foreign investor buying into an FIREE or a domestically-funded real estate project will be subject to greater scrutiny. Among other things, the foreign investor must provide to MOFCOM a letter of guarantee of performance of the land grant contract and of planning permits and approvals. When buying into a domesticallyfunded real estate project, the foreign investor will be required to pay the acquisition price in a lump sum. Payment in installments, as is otherwise permitted in cross-border M&A transactions, is not permitted.  Foreign investors with “bad records?are prohibited altogether from acquiring interests in domestic real estate companies. Detailed Implementation Measures to Come The Opinions indicate that relevant implementation measures will be made by the relevant authorities in the near future. Please note that in addition to the New Rules, there will be more detailed implementing regulations promulgated in the future by various ministries which may impact on the precise operation of these New Rules. -------------------------------------------------------------------------------- http://www.hg.org/articles/article_1696.html China: Foreign Investment Restrictions in Real Estate Market Deacons Published January 7, 2007 - Hong Kong The Ministry of Construction, Ministry of Commerce, National Development and Reform Commission, the People¡¦s Bank of China, the State Administration for Industry and Commerce and the State Administration of Foreign Exchange jointly issued the Opinions on Regulating the Entry into and the Administration of Foreign Investment in the Real Estate Market on 11 July 2006. The Opinions set out administrative measures designated to tighten the regulation of foreign investment in what is considered to be an overheated real estate market. [b][color=blue]RestrictionsThe Opinions restrict the purchase by foreign real estate investors (both corporate entities and individuals) of properties that are not intended for their own use (¡§non self-use properties¡¨). Foreign investors must now form an onshore foreign investment enterprise ¡§real estate FIE¡¨ to invest in and purchase non self-use properties. Although not specifically stated in the Opinions, it is understood that real estate FIEs may take the form of wholly foreign-owned enterprises as well as joint ventures. They may engage in the business activities approved by the relevant authorities. The registered capital of a real estate FIE must not be less than 50% of the total investment amount (the normal rate is 40%) if the amount exceeds US$10 million. The Opinions further prohibit a real estate FIE from obtaining any financing (both domestic and foreign) until: • its registered capital has been fully paid up; • the relevant land use rights certificate has been obtained; or • at least 35% of the total project development cost has been funded. Separately, foreign companies with branches or representative offices in China and foreign individuals may only purchase office premises or residential properties for self-use after one year. Foreign individuals must prove that they will work or study in China for more than one year, though this restriction does not apply to those from Hong Kong, Macau and Taiwan.Tax implicationsReal estate FIEs will be subject to a corporate tax rate of 33%, unlike the previous 10% withholding tax rate for offshore investors. This will affect the potential dividend distributions and result in added cost in setting up real estate FIEs for those real estate investment trusts (REITs) that invest in Chinese properties.  [/b][/color] Further regulation On 1 September 2006, the State Administration of Foreign Exchange and the Ministry of Construction jointly issued the Notice on Several Issues in Standardising the Control of Foreign Exchange in the Real Estate Market. This Notice sets out the administrative measures, procedures and documentation requirements relating to foreign exchange for the implementation of the principal measures set out in the Opinions. It is expected that the city and provincial governments will issue more detailed implementation rules for the Opinions. -- §@ªÌ¡G rainbow -- µoªí®É¶¡¡G 2007/02/11 01:19am [³o½g¤å³¹³Ì«á¥Ñrainbow¦b 2007/02/11 02:25pm ²Ä 3 ¦¸½s¿è] 2) ¦pªG§A§â³o "¤H¥Á¹ô¤É­È" issue ©w¬°¡u¤¤°ê vs. ¬ü°ê¡vªº°ÝÃD - ©Î§A¥u¬O·Q¹ï¬Y¤@­Ó°ê®aµoªn§Aªº¼««ã¡A§A¥²¶·¬Ý¬Ý¼Ú¬w¤H©ê«è¤¤°ê¨Ï¥Î¶É¾P¾Ô²¤ (Dumping - ¥H§C©ó¥Í²£¦¨¥»ªº»ù®æ¥X¤f²£«~), ¼Ú¬w¤H©ê«è¤¤°ê¾ÞÁa¤H¥Á¹ô - Å¥°_¨Ó¼ô±x¶Ü¡H¼Ú¬w and ¬ü°ê¤@­P¦a¦P·N, ©ê«è¤¤°ê¾ÞÁa¤H¥Á¹ô, ¨Ï¥Î dumping ¾Ô²¤, ÁöµM¼Ú¬w¤H°Q¹½¬ü°ê¤H¶}©l¥ì©Ô§J¾Ôª§, §Ú¦b¸q¤j§Q«Â¥§´µ¬Ý¨ì¥H­^¤å¼gªº¤@­Ó sign "Venice Hates America" - ¦Ñ¹ê»¡, I don't blame them. [b]¦ý¬O¼Ú¬w and ¬ü°ê¤@­P¦P·N¤¤°ê¾ÞÁa¤H¥Á¹ô, ¾ÞÁa Dumping ¾Ô²¤, ¤¤°ê¬F©² subsidize ¦Û¤vªº°Ó¤H, ¬Ýªk¬O¤@­Pªº¡C[/b] [b][color=blue]¦è¯Z¤ú¤H (read: ¼Ú¬w¤H) ¥h¦~´c·NÁa¤õ¿N¤¤°ê·Å¦{¾c°Ó¦b¦è¯Z¤úªº¾c¼t©M¦s³f,  ©¯¹Bªº¨S¤H¦º©óÁa¤õ¨Æ¥ó, ¦è¯Z¤ú¾c¦K¥HµÛ¦W¥Ö­²§ÞÃÀµÛ¦W, °Q¹½¤¤°ê¤H¥H§C©ó¥Í²£¦¨¥»ªº»ù®æ¥X¤f²£«~, ¹ï¥L­ÌªºÂ¾·~©M§Þ¯à¬O¤@­Ó«Â¯Ù¡C[/b][/color] Likewise, §Ú¼Æ¦~«e¦b¸q¤j§Q®È¦æ, ¨ä¤¤¤@­Ó local ¾É¹C¬O¬ü°ê¤H, ±q¬ü°ê¶W´I¸Îªº Greenwich, Connecticut ¨Óù°¨¦í, §Ú¤@­ÓµØ¤HªB¤Í¦í¦b Greenwich ªþªñªº«°Âí Cos Cob, ¾É¹C·P¿Ë¤Á, ´X¥G¬O¬ü°ê Greenwich "¦P¶m", [b]³o¾É¹C¦Ñ¹ê»¡¥»¦aù°¨¤H¤£³ßÅw¤¤°ê¤H, ©ê«è¨Ïù°¨©Ð¦a²£¤Wº¦¡A©Ð¤l§ó©ù¶Q¡C¤£³ßÅw¤¤°ê¤H¤£¹Á¸Õ¾Ç²ß¸q¤j§Q»y, ¤£³ßÅw¤¤°ê¤H¤£¸ò¥L­Ìªº¾F©~ªÀ¥æ, ¥H¤Î¥L­Ì½æ°Ó«~«Ü§C»ù - Ävª§¥Í·N¡C[/b] Anyway, off the topic, ®È¦æ¤¤, §Ú©Ò¦³ªºªB¤Í¥þÅé¤@­P»{¬°¾É¹C¬O¦P©ÊÅÊ - ¥Lªº¦æ¬°©MÁ¿¸Ü¦ü¦P©ÊÅÊ, ¤@­P»{¬°¾É¹C°k¶]¨ìù°¨ÁקK´I¸Î¬£®a®x Old Money ®a®xªºÀ£¤O. ¤¤°ê°Ó¤H¦b¼Ú¬w¦ü "¹Lµó¦Ñ¹«" ¦h¨Ç.  ¼Ú¬w¤H¤£¦P¬ü°ê¤H³¥ÆZ, ¼Ú¬w¤H´c·NÁa¤õ¿N¤¤°ê·Å¦{¾c°Óªº¾c¼t, ¥u¿N³fª«, ¨S¤H¦º, ¼Ú¬w¤Hµoªn¥L­Ìªº¼««ã«Ü high class, right?  ¤£¦P¬ü°ê¤H³o»ò³¥ÆZ, ³o»ò low class.   [b]¤¤°ê³Ì·sªº¦nªB¤Í¬O¼Ú¬w :em28:  :em28: , «Ü·P°Ê°Ú¡I :em19:  :em19: [/b] As a matter of fact, ¼Ú·ù¦P·N±j¥[ tariff ¦b¤¤°ê³fª«. ~~~~~~~~~~~~~~~~~~~~~~~~~~ http://news.bbc.co.uk/2/hi/europe/3687602.stm [b]Spanish fury over Chinese shoes [/b] By Katya Adler BBC, Madrid   [b]Several hundred people have taken to the streets for a second day in the Spanish town of Elche to protest against Chinese-owned shoe firms. Elche is the capital of Spain's footwear industry and has been hard hit by Asian competition. [/b] [b][color=purple]Some protesters held banners reading "Chinese out" - others smashed windows. [/b][/color] [b][color=blue]Last week, the protest took a more menacing turn when two Chinese-owned warehouses and a lorry belonging to a Chinese entrepreneur were set on fire. [/b][/color] The attacks caused damage estimated at hundreds of thousands of euros. Several arrests were made, but the Chinese government has asked the Spanish authorities to compensate the businesses for their losses and to safeguard Chinese citizens and their property in Spain. Elche, located in the south-east of the country, is the capital of Spain's once flourishing footwear industry. [b][color=purple]Many Spanish manufacturers blame their current crisis on cheap Asian imports. [/b][/color] The protesters in Elche say the unfair competition is not just a matter of cut-price products. A significant proportion of Chinese-imported goods in Spain is untaxed and sold on black markets, making it impossible, they say, for legal businesses to compete. Story from BBC NEWS: http://news.bbc.co.uk/go/pr/fr/-/2/hi/europe/3687602.stm Published: 2004/09/24 16:02:56 GMT -- §@ªÌ¡G rainbow -- µoªí®É¶¡¡G 2007/02/11 01:27am [³o½g¤å³¹³Ì«á¥Ñrainbow¦b 2007/02/11 02:29pm ²Ä 1 ¦¸½s¿è] [equote] As a matter of fact, ¼Ú·ù¦P·N±j¥[ tariff ¦b¤¤°ê³fª«.[/equote] http://www.businessupdated.com/shownews.asp?news_id=2125&cat=Scheme+of+i Scheme of illegal trade in cigarette lighters from Asia Mario Sina, 31/1/2007,12:13 Main Source: EUROPA   The total consumption of non-refillable lighters in the EU is estimated at 1 billion per year, at consumer prices ranging from 50 cents upwards. Imports of non-refillable lighters from China to the EU are liable to an Anti-Dumping Duty of 6.5 cents per lighter. The European Anti-Fraud Office (OLAF) has detected a scheme of illegal trade in cigarette lighters from Asia, with a financial impact for the European Community budget of at least 20 Million Euros in evaded duties. OLAF and the national authorities are currently investigating several cases of illegal imports of non-refillable lighters of Chinese origin, falsely declared as originating in Indonesia or Malaysia. The joint investigations have revealed that Malaysia alone was used for transhipments of more than 300 million lighters from China during the past four years. If these cases had not been detected the cost to the Community budget, which will now be recovered from the importers, would have been borne by the Community taxpayers. The investigation of these cases will lead to the recovery of duties and the potential criminal investigation by the national authorities of offenders in the Member States concerned, namely the UK, Czech Republic, Lithuania, Italy, Spain and Germany. In the framework of its investigations, OLAF has also worked closely with the industry producing lighters in the EC. ~~~~~~~~~~~~~~~~~~~~~~~~~~~` Business News IN BRIEF: [b]Europe approves China shoe tariff[/b] The UK abstained in a key vote yesterday that approved plans by the European Commission to impose tariffs of up to 19 per cent on Chinese shoe imports. The Department of Trade and Industry said it applauded commitments by Peter Mandelson, the trade commissioner, pictured, to exclude certain sports shoes and children's footwear from the tariff in the face of opposition. The Commission said member states expressed a "range" of views, both in favour of stronger provisional measures and of more restricted action. "The Commis sioner's proposals represented a middle ground," a spokesman said. Copyright 2006 Independent Newspapers UK Limited Provided by ProQuest Information and Learning Company. All rights Reserved.                                 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ http://www.bikebiz.co.uk/Europe-to-impose-485-percent-tariff-on-Chinese-bikes [b]Europe to impose 48.5 percent tariff on Chinese bikes[/b] 11:13, Jun 9th It's not likely to be made official policy until July 15th but China Daily reports that Chinese bicycle makers are now bracing themselves for the expected increase in anti-dumping duties. Chinese manufacturers have been levied a 30.6 percent duty since 2000 and the European Bicycle Manufacturer's Association has lobbied for the duty to be reimposed when it expires in July, and for it to be increased. The EU is also likely to impose duties on bicycles originating in Vietnam, the chief market for which is the UK. Without citing sources, China Daily newspaper reports that the European Commission is to impose a 48.5 percent 'anti-dumping' tariff on Chinese bicycle imports. "Chinese enterprises are still making every effort to gain a better result," Hu Xiaofeng, an official with the China Bicycle Association told the China Daily. Hu said the China bicycle manufacturing industry was complementary with that of European countries as they focus on low and high end respectively. Most cheap Chinese bicycles imported into the UK end up in supermarkets or on garage forecourts, not in quality bike shops. However, the same cannot be said about mid-range Vietnamese bicycles. Many UK brands have their bicycles manufactured in Vietnam although production is being switched to Malaysia and Eastern Europe in anticipation of the expected 34.5 percent tariff on Vietnamese-made bicycles. The European Two-wheel Retailers' Association is in favour of dumping duties for Chinese bikes, but not for bikes produced in Vietnam. In a statement, ETRA said: "In 2003, over 43% of the Vietnamese import into the EU was sold to the UK. Compared to 2002, the EU import rose with 645,296 bicycles. The UK accounted for more than 75% of that increase, since the British import of Vietnamese bicycles grew from 103,431 to 591,588 units." ETRA believes a dumping duty on Vietnamese bikes will harm the independent bicycle dealer (IBD) sector and lead to higher prices and less choice for consumers, especially in the UK: "If the application of anti-dumping duties should result in a sudden decline of Vietnamese imports into the EU, that may well result in a restriction of competition. In those countries, which import branded and private label bikes, such a decline cannot be compensated at short notice. Importers cannot move from one subcontractor to another just like that. Dealers cannot switch from one brand to another that easily. As a result, a number of jobs in the IBD-sector will be in the balance whereas consumers will be confronted with a restricted offer, higher prices and less choice with regard to price range." -- §@ªÌ¡G rainbow -- µoªí®É¶¡¡G 2007/02/11 01:30am 3) ¤¤°ê¦³¤@¥y¸Ü: "¤H¤£¬°¤v¡A¤Ñ®í¦a·À" Everyone is acting in his or her own best interest, provided that he or she is acting within the legal limits. §A¬°¤°»ò´Á±æ¤@­Ó°ê®a°µ ·Oµ½¾÷ºc¡H ¤¤°ê¤@ª½¦b­¢À£¤Ö¼Æ¥Á±Ú, ¨Ò¦p¡A¦èÂëܪø®É¶¡¥H¨Ó³Q¤¤°ê­¢À£¡C¤¤°ê¹ï¦èÂäH "¿Ë¤Á" ¶Ü¡H¤¤°ê¬O·Oµ½¾÷ºc¶Ü¡H "¶Ì¤l°ê®a" ¤~³B³B "¤£¬°¤v" - ¤£¹L, "¶Ì¤l°ê®a" ¦n¹³¤£¦s¦b¡C