CHINESE BUSINESS AND INVESTMENT IN THE U.S.A. : UNIQUE OPPORTUNITIES FOR CHINESE COMPANIES

China Association of International Trade CCPIT - Beijing Branch

RUSSIN VECCHI BERG & BERNSTEIN LLPINTERNATIONAL LEGAL COUNSELORS www.rvblaw.com



CHINESE BUSINESS AND INVESTMENT IN THE CHINESE BUSINESS AND INVESTMENT IN THE U.S.A. :U.S.A. :

UNIQUE OPPORTUNITIES FOR CHINESE COMPANIESUNIQUE OPPORTUNITIES FOR CHINESE COMPANIES



Why are there unique opportunities in the US Why are there unique opportunities in the US today?today? 今天的美国何以有特别的机会今天的美国何以有特别的机会 ??US companies in financial trouble due to economic crisisUS companies in financial trouble due to economic crisis 美国公司陷入经济危机引起的财务困难美国公司陷入经济危机引起的财务困难Real Estate values down substantially. Not all states Real Estate values down substantially. Not all states the same.the same. 不动产价值持续下跌不动产价值持续下跌 . . 但是各州情况有所不同但是各州情况有所不同Distressed Real Estate – Owners with cash flow Distressed Real Estate – Owners with cash flow problemsproblems 让人心痛的不动产让人心痛的不动产 – – 拥有者面临资金周转问题拥有者面临资金周转问题Banks with bad assetsBanks with bad assets 银行的坏资产银行的坏资产



Will every Chinese company have the problems of Will every Chinese company have the problems of CNOOC and Huawei?CNOOC and Huawei?为何中国公司有中石油和华为的问题为何中国公司有中石油和华为的问题 ??

No. CFIUS does not apply to most Chinese investments in No. CFIUS does not apply to most Chinese investments in the USthe US CFIUSCFIUS 不适用于大多数在美国的投资不适用于大多数在美国的投资CFIUS was not enacted to prevent Chinese investmentCFIUS was not enacted to prevent Chinese investment CFIUSCFIUS 不能阻止中国投资不能阻止中国投资With proper guidance, most investors can avoid CFIUSWith proper guidance, most investors can avoid CFIUS 通过合理的指导通过合理的指导 , , 大多数投资者可以避开大多数投资者可以避开 CFIUSCFIUS

??



Is the United States hostile to Chinese Is the United States hostile to Chinese Investment?Investment? 美国反对中国投资吗美国反对中国投资吗 ??No. Most American states, cities and towns welcome No. Most American states, cities and towns welcome foreign foreign investmentinvestment 不不 , , 大多数美国州大多数美国州 , , 市和镇都欢迎外来投资市和镇都欢迎外来投资Most investment is driven by the needs and desires of Most investment is driven by the needs and desires of businessmenbusinessmen 大多数的投资都是由民间商业群体所需及推动的大多数的投资都是由民间商业群体所需及推动的Government policies can also attract investmentGovernment policies can also attract investment 政府的政策也吸引投资政府的政策也吸引投资Tax breaks and other benefits for job creation Tax breaks and other benefits for job creation 税收减免和其他对创造就业的优惠税收减免和其他对创造就业的优惠Government subsidies for clean technology and Government subsidies for clean technology and researchresearch 政府对于清洁能源和研究的资助



Does US law protect or discriminate against Does US law protect or discriminate against Chinese investors?Chinese investors? 美国法律保护还是歧视中国投资者美国法律保护还是歧视中国投资者 ??US law protects all investors - no discrimination US law protects all investors - no discrimination 美国法律保护所有投资者美国法律保护所有投资者 - - 无歧视无歧视Failed Chinese companies blame failure on US laws or Failed Chinese companies blame failure on US laws or situationsituation 失败的中国投资者把责任推卸给美国法律或者市场环境失败的中国投资者把责任推卸给美国法律或者市场环境Most failures of Chinese companies are caused by: Most failures of Chinese companies are caused by: 大多数中国投资公司的失败归咎于大多数中国投资公司的失败归咎于 (1) Lack of preparation (1) Lack of preparation 缺乏准备缺乏准备 (2)Lack of management skill and performance (2)Lack of management skill and performance 缺乏管理技缺乏管理技巧和运作巧和运作



Where are the investment opportunities for Where are the investment opportunities for Chinese Investors?Chinese Investors? 中国投资者的机会何在？中国投资者的机会何在？In many industry sectors and in many geographical In many industry sectors and in many geographical locationslocations 众多工业领域和地理位置众多工业领域和地理位置Manufacturing and TechnologyManufacturing and Technology 生产和技术生产和技术Commercial Real Estate, HotelsCommercial Real Estate, Hotels 商业不动产和酒店商业不动产和酒店Farmland and resourcesFarmland and resources 农场和资源性行业



What is the best way for Chinese investors to What is the best way for Chinese investors to enter the US market?enter the US market?中国投资者进入美国的最佳方案？中国投资者进入美国的最佳方案？Real Estate Investment: Commercial, Residential, Real Estate Investment: Commercial, Residential, Industrial, HospitalityIndustrial, Hospitality 不动产投资：商业，住宅不动产投资：商业，住宅M & A: Minority Investment, Majority Investment, 100% M & A: Minority Investment, Majority Investment, 100% investmentinvestment 收购和兼并：小股东，　大股东或者全资拥有收购和兼并：小股东，　大股东或者全资拥有Joint Venture: Strategic partners, Passive partnersJoint Venture: Strategic partners, Passive partners 合资：　战略合作伙伴，被动的合作伙伴合资：　战略合作伙伴，被动的合作伙伴Stock Market, Treasury BillsStock Market, Treasury Bills 股票市场，国债



Some Real Estate OpportunitiesSome Real Estate Opportunities不动产投资机会不动产投资机会““Off Market” Chicago Trophy Office Building. Off Market” Chicago Trophy Office Building.

芝加哥胜利者办公大楼芝加哥胜利者办公大楼 -- -- 尚未放入交易市场尚未放入交易市场 a) Top location. 1.1 million rentable square feet a) Top location. 1.1 million rentable square feet

(approximately(approximately 102,230 square meters). 102,230 square meters).

顶级地段顶级地段 . 110. 110 万平方英尺可租面积万平方英尺可租面积 (( 约约 102,230102,230平方米平方米 ).). b) 97% leased. Two U.S. financial institutions and two b) 97% leased. Two U.S. financial institutions and two

Federal Government agencies pay 83% of the building’s Federal Government agencies pay 83% of the building’s gross annual rents.gross annual rents.

97%97%已有租约已有租约 . . 两个美国的金融机构和两个联邦政府机关支付整个大楼两个美国的金融机构和两个联邦政府机关支付整个大楼全部租金毛收入的全部租金毛收入的 83%83%



Some Real Estate OpportunitiesSome Real Estate Opportunities不动产投资机会不动产投资机会““Off Market” Chicago Trophy Office Building. Off Market” Chicago Trophy Office Building.

c) Asking price: US$214 million (which is less than US$200 c) Asking price: US$214 million (which is less than US$200 per square foot and about US$2,100 per square meter). per square foot and about US$2,100 per square meter). This price is far below the building’s replacement cost.This price is far below the building’s replacement cost.

报价：报价： 2.142.14亿美元　（＜亿美元　（＜ 200200美元／平方英尺，约美元／平方英尺，约 21002100美元／平方美元／平方米米 )) ．．



Some Real Estate OpportunitiesSome Real Estate OpportunitiesNew York City Financial District. New York City Financial District. 纽约市金融区纽约市金融区a) A Full City Block of vacant land on the waterfront. a) A Full City Block of vacant land on the waterfront.

一块位于河边的完整的空地一块位于河边的完整的空地 b) 11,000 square feet (1,000 square meters). b) 11,000 square feet (1,000 square meters).

11,00011,000 平方英尺平方英尺 (1,000(1,000平方米平方米 ))



Some Real Estate OpportunitiesSome Real Estate OpportunitiesNew York City Financial District. New York City Financial District. 纽约市金融区纽约市金融区c) Current zoning and air rights permit construction of c) Current zoning and air rights permit construction of

a building containing 277,000 square feet (25,735 a building containing 277,000 square feet (25,735 square meters) for mixed use: offices, residential square meters) for mixed use: offices, residential condominium units or a hotel, plus retail space. condominium units or a hotel, plus retail space.

目前的规划和空中航权允许建设一幢目前的规划和空中航权允许建设一幢 277,000277,000平方英尺平方英尺 (25,735(25,735平方米平方米 )) 的综合性大楼的综合性大楼 , , 用于办公用于办公 ,, 住宅住宅 ,, 或者酒店或者酒店 , , 另加零售区另加零售区域域 ..

d) Asking price: US$35 million (approximately one-half d) Asking price: US$35 million (approximately one-half of the current owner’s cost.) of the current owner’s cost.)

报价 : 3500万美元　（此价格仅是目前该地拥有者成本的一半）



Some Real Estate OpportunitiesSome Real Estate Opportunities

““Off Market” Manhattan Office Building. Off Market” Manhattan Office Building.

曼哈顿办公大楼曼哈顿办公大楼 -- -- 尚未投放交易市场尚未投放交易市场 a) 500,000 RSF. Fully leased. a) 500,000 RSF. Fully leased.

500,000500,000平方英尺出租面积平方英尺出租面积 b) Asking price: US$325 Million ($90 million cash). b) Asking price: US$325 Million ($90 million cash).

报价报价 : 3.25: 3.25亿美元亿美元 (9(9千万美元现金千万美元现金 ).). c) Projected return: fourteen per cent (14%) cash-c) Projected return: fourteen per cent (14%) cash-

on-cash.on-cash. 项目回报项目回报 : 14% : 14% 现金现金



Some Real Estate OpportunitiesSome Real Estate OpportunitiesFive chain drug stores in five separate locations Five chain drug stores in five separate locations

throughout the United State. throughout the United State.

５个连锁药店，分布于美国的５个不同地方．其土地，建筑和租约一起出售５个连锁药店，分布于美国的５个不同地方．其土地，建筑和租约一起出售 a) The tenant is the largest drugstore chain in the United a) The tenant is the largest drugstore chain in the United

States with more than 8,000 stores throughout the 50 States with more than 8,000 stores throughout the 50 states. states.

该连锁药店该连锁药店是美国最大的医药连锁店，具有８０００家门店是美国最大的医药连锁店，具有８０００家门店





５个连锁药店，分布于美国的５个不同地方．其土地，建筑和租约一起出售５个连锁药店，分布于美国的５个不同地方．其土地，建筑和租约一起出售 b) The five properties are offered on a “triple net” basis b) The five properties are offered on a “triple net” basis

(i.e. the tenant pays all real estate taxes, operating (i.e. the tenant pays all real estate taxes, operating expenses and maintenance expenses and remits “triple expenses and maintenance expenses and remits “triple net” rent monthly to the owner). net” rent monthly to the owner).

５个商店资产是以＂三重网＂形式（即：租客支付所有的地产税，运营费５个商店资产是以＂三重网＂形式（即：租客支付所有的地产税，运营费用和维修保养费用．把这＂三重网＂每月以租金形式支付给业主）用和维修保养费用．把这＂三重网＂每月以租金形式支付给业主）





５个连锁药店，分布于美国的５个不同地方．其土地，建筑和租约一起出售５个连锁药店，分布于美国的５个不同地方．其土地，建筑和租约一起出售 c) The leases are guaranteed by the parent company. c) The leases are guaranteed by the parent company.

Package price for all five locations: US$27.5 million. Package price for all five locations: US$27.5 million. Projected annual net return: 6.75 per cent.Projected annual net return: 6.75 per cent.

租约由其母公司担保．５处资产的一揽子报价：租约由其母公司担保．５处资产的一揽子报价： 27502750万美元．　预计万美元．　预计净回报：净回报： 6.75%6.75%．．



How do Chinese investors take advantage of How do Chinese investors take advantage of these opportunities?these opportunities? 中国公司如何利用这些机会？中国公司如何利用这些机会？Determine what you want to invest in and whyDetermine what you want to invest in and why 决定于投资于何处和原因决定于投资于何处和原因Determine whether you have the capability and Determine whether you have the capability and resourcesresources 决定于是否具备能力和资源决定于是否具备能力和资源Site Selection, Money, Staying PowerSite Selection, Money, Staying Power 地理位置的选择，资金，持续力地理位置的选择，资金，持续力



How can you convert investment ideas to How can you convert investment ideas to investment success?investment success? 如何将投资意愿转换为投资成功？如何将投资意愿转换为投资成功？Work with experienced advisors: Lawyers, Work with experienced advisors: Lawyers, Accountants, BankersAccountants, Bankers 和具备经验的顾问一起工作：　律师，会计师，银行和具备经验的顾问一起工作：　律师，会计师，银行If you try to succeed on your own, you should stay If you try to succeed on your own, you should stay homehome 单打独斗不如留守在家



How can you convert investment ideas to How can you convert investment ideas to investment success?investment success? Good advisors cost money, but will save you time and Good advisors cost money, but will save you time and moneymoney 好的顾问需要花费成本，但是为您节约时间和实际支出好的顾问需要花费成本，但是为您节约时间和实际支出Due DiligenceDue Diligence 尽职调查尽职调查Careful evaluationCareful evaluation 仔细的评估仔细的评估Commitment: Failure is not an optionCommitment: Failure is not an option 承诺：不容许失败



律师如何帮助？律师如何帮助？We know the terrain, the local conditions, the We know the terrain, the local conditions, the market placemarket place 我们熟悉地域，当地环境和市场情况我们熟悉地域，当地环境和市场情况We can help you plan and evaluate your optionsWe can help you plan and evaluate your options 我们可以帮助规划和评估方案我们可以帮助规划和评估方案We can advise on legal structure and legal We can advise on legal structure and legal constraintsconstraints 我们可以进行法律框架和法律限制方面的指导我们可以进行法律框架和法律限制方面的指导We can help you avoid disputes and resolve We can help you avoid disputes and resolve disputesdisputes 我们可以帮助避免争端并解决争端

How can lawyers help?How can lawyers help?



What types of legal issues exist in What types of legal issues exist in the US?the US?在美国，有哪些法律方面的问题？在美国，有哪些法律方面的问题？Government relations Government relations 与政府部门的关系与政府部门的关系TaxTax 税收税收CFIUS CFIUS 美国外国投资委员会美国外国投资委员会Labor Laws Labor Laws 劳工法劳工法Contract Issues Contract Issues 合同法合同法Intellectual Property Intellectual Property 知识产权知识产权International Trade International Trade 国际贸易国际贸易Export Control Export Control 出口管制出口管制Antitrust Antitrust 反垄断反垄断Banking and SecuritiesBanking and Securities 银行事务及有价证券银行事务及有价证券



What are the common mistakes Chinese What are the common mistakes Chinese companies make in the U.S.?companies make in the U.S.?中国公司在美国，通常会犯那些错误？中国公司在美国，通常会犯那些错误？Assuming things work the same in the US as in China. Tax Assuming things work the same in the US as in China. Tax Story.Story.

设想美国和中国的工作方式是相同的。税收个例。设想美国和中国的工作方式是相同的。税收个例。Micro-managing from Beijing. Construction Project.Micro-managing from Beijing. Construction Project.

来自北京的微观管理案例。建设项目。来自北京的微观管理案例。建设项目。Being too cheap. Construction Project. Changing lawyers.Being too cheap. Construction Project. Changing lawyers.

因小失大。建设项目。更换律师。因小失大。建设项目。更换律师。



What are the common mistakes Chinese What are the common mistakes Chinese companies make in the U.S.?companies make in the U.S.?中国公司在美国，通常会犯那些错误？中国公司在美国，通常会犯那些错误？Not using lawyers and other advisors to save money.Not using lawyers and other advisors to save money. 为了节约费用，不聘用律师或顾问为了节约费用，不聘用律师或顾问Failing to take responsibility for their own mistakesFailing to take responsibility for their own mistakes 不能对他们自己的错误负责不能对他们自己的错误负责Making false reports to headquarters so as not to lose face.Making false reports to headquarters so as not to lose face. 为了不丢面子，给总部提供编造的报告为了不丢面子，给总部提供编造的报告



Can RUSSIN help Chinese companies expand Can RUSSIN help Chinese companies expand to the US?to the US?

卢森国际律师事务所能否帮助中国企业在美国拓展业务？卢森国际律师事务所能否帮助中国企业在美国拓展业务？YES. Our strength is assisting foreign companies in YES. Our strength is assisting foreign companies in the USthe US 是的。我们的强项是支持在美国的外国公司是的。我们的强项是支持在美国的外国公司40 Year history working in Asia40 Year history working in Asia 在亚洲运营在亚洲运营 4040 年年



Can RUSSIN help Chinese companies expand Can RUSSIN help Chinese companies expand to the US?to the US?

卢森国际律师事务所能否帮助中国企业在美国拓展业务？卢森国际律师事务所能否帮助中国企业在美国拓展业务？20 years history working in China20 years history working in China 在中国运营在中国运营 2020 年年Lifetime of Experience in the USLifetime of Experience in the US 悠久的美国法律经验悠久的美国法律经验



Can RUSSIN help Chinese companies expand to Can RUSSIN help Chinese companies expand to the US?the US?卢森国际律师事务所能否帮助中国企业在美国拓展业务？卢森国际律师事务所能否帮助中国企业在美国拓展业务？ Our strength: Cross border transactions and litigationOur strength: Cross border transactions and litigation 我们的强项：处理跨境事务和诉讼我们的强项：处理跨境事务和诉讼We are legal and business navigatorsWe are legal and business navigators 我们是法律和商务的领航者我们是法律和商务的领航者We guide. We represent. We advocate. We defend.We guide. We represent. We advocate. We defend. 我们引领。我们代表。我们主张。我们辩护。我们引领。我们代表。我们主张。我们辩护。



Can RUSSIN help Chinese companies expand to Can RUSSIN help Chinese companies expand to the US?the US?卢森国际律师事务所能否帮助中国企业在美国拓展业务？卢森国际律师事务所能否帮助中国企业在美国拓展业务？ Offices in New York, Shanghai and BeijingOffices in New York, Shanghai and Beijing 在纽约，上海和北京均设立办事处在纽约，上海和北京均设立办事处Independent affiliates in Thailand, Vietnam, Taiwan and Independent affiliates in Thailand, Vietnam, Taiwan and Russia.Russia. 在泰国，越南，台湾和俄罗斯均有合作伙伴在泰国，越南，台湾和俄罗斯均有合作伙伴



An invitation to serious PRC Overseas An invitation to serious PRC Overseas InvestorsInvestors对中国海外投资者的邀请对中国海外投资者的邀请 We are committed to helping Chinese companies succeedWe are committed to helping Chinese companies succeed 我们承诺帮助中国企业获得成功我们承诺帮助中国企业获得成功We provide high quality, critical guidance at reasonable We provide high quality, critical guidance at reasonable ratesrates 我们以合理的价格提供高品质的，关键的指引我们以合理的价格提供高品质的，关键的指引We invite you to schedule a consultation with us.We invite you to schedule a consultation with us. 我们欢迎您预约咨询我们欢迎您预约咨询



An invitation to serious PRC Overseas An invitation to serious PRC Overseas InvestorsInvestors对中国海外投资者的邀请对中国海外投资者的邀请 Initial consultation is without charge. Call or email:Initial consultation is without charge. Call or email: 免费初步咨询。电话或者邮件如下：免费初步咨询。电话或者邮件如下： Eliot Clauss Eliot Clauss 139-1740-0021 139-1740-0021 [email protected] Ms. Yu Mengtao 151-1001-0178 Ms. Yu Mengtao 151-1001-0178 [email protected] Ms. Qu Bao LiMs. Qu Bao Li 150-0029-5589 150-0029-5589Russin Vecchi Berg & Berstein LLPRussin Vecchi Berg & Berstein LLP

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CHINESE BUSINESS AND INVESTMENT IN THE U.S.A. : UNIQUE OPPORTUNITIES FOR CHINESE COMPANIES