中伦合伙人受邀撰写《2024年钱伯斯全球法律实务指南：项目融资（中国篇）》_新浪财经

引言/Foreword

近日，国际权威法律媒体及评级机构钱伯斯（Chambers and Partners）发布了《2024年钱伯斯全球法律实务指南：项目融资》（以下简称“《指南》”）。中伦律师事务所合伙人张海军律师受邀担纲本次《指南》中国篇（以下简称“该文”）的全部撰文工作，阐释中国法视角下项目融资领域的趋势与发展。该文聚焦房地产行业，从中国法视角梳理了上一年度房地产相关项目融资方面的主要监管政策，并对不同项目融资工具的发展现状进行了全局视角的解读和评论。这是张海军律师连续第三年受邀撰写。

Chambers and Partners, a globally renowned legal media and rating agency, has recently released the “Chambers Global Practice Guides: Project Finance 2024” (the “Guide”). Mr. Haijun Zhang, partner at Zhong Lun Law Firm, was honored to author the China chapter (the “Chapter”) of this publication. The Chapter provides an in-depth analysis of the latest trends and developments in project finance from a Chinese legal perspective, with a particular focus on the real estate sector. It reviews key regulatory policies related to real estate project financing over the past year and offers a thorough evaluation of the current landscape of various project financing tools in China. This marks the third consecutive year that Mr. Zhang has been invited to contribute to the Guide.

钱伯斯作为业内备受认可的国际权威法律评级机构之一，每年出版全球知名执业律师排行榜单，并邀请各个国家（地区）在相关法律实践领域的领先律师分享他们的实践经验和当地一线的法律监管状况，受邀作者均为在相关领域具有较高认可度的律师。

As a leading international legal rating agency, Chambers and Partners publishes a prestigious annual list of top-performing lawyers worldwide. The organization also invites prominent lawyers in different legal practice areas across various countries and regions to share their expertise and insights into local legal and regulatory frameworks. Contributors are selected for their exceptional reputation and influence in their respective fields.

作者简介/About the Authors

张海军律师

中伦律师事务所合伙人

张海军律师深耕争议解决领域十五余载，业务涵盖娱乐法、工程和项目开发、债务重组和不良资产处置等领域。张律师连续多年被钱伯斯评为建筑工程领域杰出律师，曾为百余个房地产及建设工程项目提供法律服务。张律师曾参与主办“2022年北京冬奥会冬奥村建设项目”、“亚投行总部交付项目”、“北京城市副中心建设项目”、“奥林匹克中心区”等国家级重点建设项目，以及国家发改委、自然资源部、应急管理部（机关服务中心）等国家部机关常年法律服务项目，具有丰富的政府法律顾问经验。凭借前瞻的思维方式和严谨的法律理念，张律师在业界赢得了良好的声誉。

Mr. Zhang has been deeply engaged in the field of dispute resolution for more than fifteen years, and his practice covers entertainment law, construction and project development, as well as debt restructuring and non-performing assets. He has provided legal services for more than 100 real estate and construction projects, garnering recognition as a leading lawyer in the Construction category by Chambers for many years in a row.

With extensive experience as legal counsel for government agencies, Mr. Zhang has participated as a team leader in key national construction projects, notably, the “2022 Beijing Winter Olympic Village Construction Project”, “AIIB Headquarters Delivery Project”, “Beijing Urban Sub-center Construction Project”, and “Olympic Center District”, and provided retainer-based legal services to ministries and government agencies such as the National Development and Reform Commission (NDRC), the Ministry of Natural Resources (MNR), and the Ministry of Emergency Management (MEM) (Service Center for Agencies). By virtue of his forward-thinking approach and rigorous understanding of law, Mr. Zhang is widely acclaimed in the legal industry.

指南介绍/Guide Introduction

《指南》对2024年度中国房地产领域项目融资监管政策进行了系统梳理与解读，基于2023年以来监管机构出台的一系列政策，提炼了“满足合理融资需求”和“融资方式改革”两大监管动向。《指南》还对房地产领域的项目融资数据进行分析，从中观察市场现状和发展走向。

The Guide offers a comprehensive review and interpretation of the regulatory policies shaping project finance in China’s real estate industry for 2024. Drawing on a series of policies issued by regulatory authorities since 2023, it emphasizes two key regulatory trends: “meeting reasonable financing needs” and “reforming financing methods”. Additionally, the Guide examines project financing data within the real estate sector to provide insights into the current market landscape and emerging development trends.

同时，《指南》也对银行贷款、信用债、房地产信托、保理、REITS、收并购及破产重整等七类融资工具一一展开分析和说明，基于各类融资工具的市场现状、相关数据和典型案例，得出不同融资工具在当下市场情况下的发展现状，并对未来各项融资工具的发展情况作出方向性的判断，以供读者了解中国房地产市场上各类项目融资的现状和发展趋势，为相关人士的决策提供有价值的信息。

The Guide also offers detailed analyses of seven financing tools: bank loans, debenture bonds, real estate trusts, commercial acceptance bills, REITs, mergers and acquisitions, and bankruptcy reorganization. By leveraging current market data, case studies, and an in-depth examination of each tool, the Guide evaluates their development status under prevailing market conditions and provides forward-looking insights into their future trajectories. This comprehensive analysis aims to equip readers with a clear understanding of the current state and emerging trends of project financing tools in China’s real estate sector, offering valuable guidance for informed decision-making.

全文分享/Full Text