To regulate the market access and administration of foreign capital in the real estate market, relevant departments under the State Council have issued a series of regulations and policies in the recent years, including the Opinions on Regulating Market Access and Administration of Foreign Investment in the Real Estate Market jointly issued by the former Ministry of Construction and five other relevant departments (Jian Zhu Fang [2006] No.171), the Notice of the Ministry of Commerce and State Administration of Foreign Exchange on Further Strengthening and Regulating the Examination and Approval and Supervision and Administration of Foreign Direct Investment in the Real Estate Sector (Shang Zi Han [2007] No.50) and the Notice of the Ministry of Commerce on Improving Work Related to Filing of Foreign Investment in Real Estate Sector (Shang Zi Han [2008] No.23). To ensure the achievement of the control policies on real estate sector on the course of implementation, the General Office of the Ministry of Commerce (the “MOFCOM”) issued the Notice on Strengthening Administration of the Approval and Filing of Foreign-Invested Real Estate Enterprises (Shang Ban Zi Han [2010] No.1542) (the “Notice”) on November 22, 2010. The Notice further clarifies certain regulation matters regarding the foreign investment in the real estate market as follows:
