Can foreign capital invest in the Chinese real estate industry? That question has long been the subject of attention, and the answer has changed over time with adjustments to macroeconomic policy. Overseas investment in the Chinese real estate industry has become more common in recent years, especially indirectly through real estate private equity investment funds ("real estate funds"). As fund lawyers, we are often asked by our clients, "can a real estate fund can foreign capital investment?" and "can an overseas fund be used to invest in domestic real estate funds?" In this article, we will analyze these questions based on our experience in advising foreign investors on investing in domestic real estate and logistics funds.