Part of the Real Estate Specified Joint
Enterprise Act (the "Amendment")
was enacted. Although the Bill of the
Amendment was not passed in the
180
in the 183
come into force within six months after
promulgation.
Prior to the Amendment, the
implementation of a real estate specified
joint enterprise by a special purpose
company (an "SPC") was considered
almost impossible due to the very strict
licensing standards, but this Amendment
will make such implementation possible
notification system. More specifically, the
Amendment allows "Special Operations"
in cases where notification is provided
under the newly established notification
system, and the Special Operations meet
the requirements indicated below:
enterprise ("Real Estate Specified
Joint Enterprise"), must be the
operator of said enterprise.
to a Real Estate Specified Joint
Enterprise contract must be entrusted
to a real estate specified joint
Specified Joint Enterprise Operator"),
who is licensed under the Act (an
"Item 3 Enterprise Operator"), newly
established by this Amendment.
In general, such operator can be
considered as essentially conducting
the same business as an asset
manager in a real estate business.
Specified Joint Enterprise contract
must be entrusted to a Real Estate
Specified Joint Enterprise Operator,
who is licensed under the Act
as well as a Type II Financial
Instruments Enterprise Operator
under the Financial Instruments and
Exchange Act (an "Item 4 Enterprise
Operator," newly established by this
Amendment).
enterprise participant must be a
special investor ("Special Investor")
with specialized knowledge and
experience related to real estate
Joint Enterprise Act
represented numerous Japanese and international clients in a broad
range of financing matters, including synthetic notes, ship finance,
fund formations, innovative real estate finance transactions, property
acquisitions and development projects.
of real estate assets, including the use of the TMK structure in
development projects. He has also been involved in a wide range of
international and domestic business transactions including mergers
and acquisitions and general corporate matters.
who came to Japan in 1999 and has lived here for most of the last
14 years. He worked in the licensing department at a Japanese
publishing company and at a major law firm before joining Hayabusa
Asuka Law Offices in 2011 as a foreign associate. He is involved in a
wide variety of cases with international aspects.
4th Floor, Kasumigaseki Building 3-2-5
Kasumigaseki, Chiyoda-ku
Tokyo, Japan 100-6004
+81 3 3595 7070 Phone
+81 3 3595 7105 Fax
shinji.itoh@halaw.jp
ryoji.sakashita@halaw.jp
andrew.hacker@halaw.jp
www.halaw.jp