产权式商业房产投资风险的法律防范
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摘要
产权式商业房产是一种所有权与经营权相分离的商业房地产投资产品,通常的做法是:房地产开发企业或者整个大型物业的现有产权人将大型商业物业,如酒店、百货商场、超市等,分割成独立产权的面积较小的单位出售给投资者,投资者取得所有权,但是在约定期限内不参与该物业的经营管理,而是由专业的经营管理公司统一经营管理,投资者按合同约定获得投资回报或者租金。与传统商业投资房产相比较,产权式商业房产确实有其独特的投资优势,为中小投资者提供了一个新的投资渠道,实现了投资产品的创新。但是,产权式商业房产的出现也给我们带来了许多未曾遇到过的麻烦,大量投资者因无法按合同约定获得投资回报而蒙受损失。这迫使我们一分为二的看待产权式商业房产投资,正视其中的投资风险,如投资收益的不合理、不确定,后期经营管理的不确定,经营监管者缺位等。
目前,投资产权式商业房产存在诸多风险,其关键问题不是产权式商业房产本身投资模式错误,而是由于产权式商业房产还是一个新生事物,国家尚未出台针对产权式商业房产投资的法律法规,投资者不能在一个公开、公平的环境中做出自己的投资选择,市场风险未能在当事人之间公平、合理的负担。因此,建议从保护投资购房者的利益的角度出发,完善风险防范法律体系,包括制定指导性的合同范本,实行合同网上备案制,实行现房销售制,实行投资收益强制担保制度,实行信息披露制度,实行强制收购制度,完善业主民主决策机制。
The property rights division estate is a kind of commercial real estate investment products which the right of management is departed from the owner. The usual practice is that,large commercial properties such as hotel、store、supermarket is divided into many small-size by its developer or existing owner.Investors get property rights but can’t participate in the operation and management of the properties within the agreed period.The properties is unified by a professional management company. Investors can get the return on investment or the rental by agreement.Compared with the traditional, the commercial real estate with property division indeed has particularly advantages.It provided the small investors a new investment channels and new investment products. But it also bring us a lot of trouble which we never met before.Because of they can get the return on investment many investors suffered losses.So we should make a divided view on it and face up to the investment risks such as unreasonable and uncertainty investment income,uncertainty late management,no business regulator.
There are many investment risks at present. The crux of the problem is not investment mistakes but the property rights division estate is a new thing.Our country has not yet introduced laws and regulations on it. Investors can’t make their own investment choices in a open and fair environment. Market risk can’t be burdened fairly and reasonably between the parties.So I suggest from the angle of protecting the interests of investors,improve the legal system for risk prevention,such as formulating the guiding model contracts, implementing contract record online system,sales of existing housing,mandatory security on investment income,information disclosure system,compulsory acquisition system, perfecting owners democratic decision-making mechanism.
目前,投资产权式商业房产存在诸多风险,其关键问题不是产权式商业房产本身投资模式错误,而是由于产权式商业房产还是一个新生事物,国家尚未出台针对产权式商业房产投资的法律法规,投资者不能在一个公开、公平的环境中做出自己的投资选择,市场风险未能在当事人之间公平、合理的负担。因此,建议从保护投资购房者的利益的角度出发,完善风险防范法律体系,包括制定指导性的合同范本,实行合同网上备案制,实行现房销售制,实行投资收益强制担保制度,实行信息披露制度,实行强制收购制度,完善业主民主决策机制。
The property rights division estate is a kind of commercial real estate investment products which the right of management is departed from the owner. The usual practice is that,large commercial properties such as hotel、store、supermarket is divided into many small-size by its developer or existing owner.Investors get property rights but can’t participate in the operation and management of the properties within the agreed period.The properties is unified by a professional management company. Investors can get the return on investment or the rental by agreement.Compared with the traditional, the commercial real estate with property division indeed has particularly advantages.It provided the small investors a new investment channels and new investment products. But it also bring us a lot of trouble which we never met before.Because of they can get the return on investment many investors suffered losses.So we should make a divided view on it and face up to the investment risks such as unreasonable and uncertainty investment income,uncertainty late management,no business regulator.
There are many investment risks at present. The crux of the problem is not investment mistakes but the property rights division estate is a new thing.Our country has not yet introduced laws and regulations on it. Investors can’t make their own investment choices in a open and fair environment. Market risk can’t be burdened fairly and reasonably between the parties.So I suggest from the angle of protecting the interests of investors,improve the legal system for risk prevention,such as formulating the guiding model contracts, implementing contract record online system,sales of existing housing,mandatory security on investment income,information disclosure system,compulsory acquisition system, perfecting owners democratic decision-making mechanism.
引文
[1] 王文群.房地产经济学[M].北京:经济管理出版社,2003:184
[2] Adrian H.Timeshare Industry structure and competitive analysis . Pryce Hospitality Management,2002 (3):34
[3] 吴德云 . 商业地产经营模式研究 [J]. 河南商业高等专科学校学报 ,2003(1):17-18
[4] 方胜.产权式酒店:让人动心的二合一投资亮点[J].中国房地信息,2003(3):1 2-13
[5] 宗春霞.产权酒店—锦缎包裹的铁蒺藜[J].科学,2003(4):58-61
[6] 刘成刚.对带租约分割产权能够增加商用楼内在价值的经济学剖析[J].天津市职工现代企业管理学院学报,2005(2):23-24
[7] 盛军华.投资产权式酒店的法律分析[J]. http://www.advisernet.cn/info/detail.asp?id=143,2005-4-20
[8] 周兰萍,龙文杰.产权式酒店交易法律问题分析[J]. http://www.build-lawyer.com/web/pxzx_flzc1.asp?article_id=1117,2006-1-16
[9] 殷建强,李海峰.售后返租,馅饼还是陷阱[J].中国社会导刊,2005,2: 37-38
[10] 张家鹏.商业地产:是金矿也是陷阱[J]. http://news.sina.com.cn/c/2006-12-22/153711862285.shtml,2006-12-22
[11] 秦宵喊.产权式商铺叫停的被后[J]. http://www.njnews.cn/v/ca788154.htm,2006-7-16
[12] 文 洁 . 产 权 式 酒 店 成 长 沙 楼 市 最 为 活 跃 的 “ 商 业 分 子 ” [J]. http://news.cs.soufun.com/2006-11-03/856045.html,2006-11-03
[13] 姚多,裴南一.关于个人产权式营业用房抵押贷款若干问题的法律思考[J].现代金融,2006(3):41-43
[14] 王利民.中国物权法草案建议稿及说明[M].北京:社会法制出版社,2001, 316
[15] 王利明.建筑物区分所有制度[J]. http://www.privatelaw.com.cn/new2004/shtml/20050304-115159.htm,2005-3-4
[16] 杨文杰.商铺所有权对物权理论的挑战[J].商场现代化,2006(1):216-218
[17] 梁慧星.中国物权法学者建议稿[M].北京:社会科学文献出版社,2000, 213
[18] 王利明.民法[M].北京:中国人民大学出版社,2000, 155-157
[19] Berle and Means.The mordern corporation and private property.New York:Macmillan,1932,71
[20] 徐晓音.房地产投资风险与防范对策研究[J].商业研究,2002(9)145-147
[21] Alchain,A, H.Demsetz.The Property Right Paradigm.Journal of Economic History,1973,16-27
[22] 张奕.上海规定商铺不得擅自拆零卖. http://www.people.com.cn/GB/paper53/16811/1477532.html, 2006-2-8
[23] 朱程.产权式商铺权属登记实践及探讨[J]. http://www.gzmall.com/sz/show.php?art_id=14638,2007-3-13
[24] 李遥.产权商铺热销投资风险须防. http://hbrb.hebeidaily.com.cn/20041020/ca433867.htm,2004-11-21
[25] 方 胜 . 产 权 式 酒 店 : 让 人 动 心 的 “ 二 合 一 ” 投 资 亮 点 [J]. 中 国 房 地 信息,2003(2):54-55
[26] 刘成刚.对带租约分割产权能够增加商用楼内在价值的经济学剖析[J].天津市职工现代企业管理学院学报,2005(2):39
[27] 胡海英.返租销售:纳税义务如何判断[J].涉外税务,2004(12):82-83
[28] 李刚.零售业商业模式创新与企业竞争力[J]. http://www.china.com.cn/aboutchina/data/txt/2006-12/14/content_7507966.htm,2006-12-14
[29] 李哲.产权式酒店投资的利好与风险规避[J]. http://www.itsqq.com/a/news/bg/2005-07-05/42940.html,2005-7-5
[30] 樊邦勇.产权酒店产业发展现状分析[J].特区经济,2005(4):274-275
[31] 刘成刚.郑安亮,房地产业带租约产权式销售的风险分析与控制[J].营销策略,2005(11):88-89
[32] 林世兴.昆明产权式商铺遭遇尴尬. http://www.yndaily.com/html/20051111/news_88_650740.html, 2005-11-11
[33] 余卫明,邓成明.行政法与行政诉讼法[M].长沙:湖南大学出版社,2001,28-29
[34] 刘俊海.热点商法经济法案例评析与立法问题[M].北京:经济科学出版社,2000, 447
[35] 周曙.“合法”与“不违法” [N].人民法院报,2002-11-1
[36] [英]亚当.斯密.国民财富的性质和原因研究(下卷)[M].上海:商务印书馆,1983,102
[37] 吴易风,王键,方松英.市场经济和政府干预[M].上海:商务印书馆,1998, 120
[38] Robin Paul Malloy.Law and Market Economy. London:Cambridge University press,2000,140-141
[39] 乔新生.该叫停还是该叫醒[N].经济日报,2004-11-11
[40] 李国光.经济审判指导与参考[M].北京:法律出版社,2000,19
[41] 刘 成 刚 , 黄 振 宇 . 房 地 产 销 售 新 王 牌 : 带 租 约 分 割 产 权 [J]. 商 业 视角,2005(6):87-88
[42] Fred F.French.Investing Co.v. City of New Youk.39 N.Y.2d587,350 N.E.2d 381(Ct.of Appeals N.Y.,1976),appeal dismissed,429 U.S.990(1976) .
[43] 王利民.物权法研究[M].北京:中国人民大学出版社,2002,5: 409
[44] 林霆.房地产开发法律风险及其防范刍议[J].茂名学院学报,2005(10):15
[45] 祁 神 军 , 单 良 . 取 消 商 品 房 预 售 制 度 的 利 与 弊 [J]. 中 国 房 地 产 金融,2005(12):25-27
[46] 徐寿松.央行建议取消房屋预售制度[J].金融信息参考,2005(10):38
[47] 甘培忠.企业与公司法学[M].北京:北京大学出版社,2001,280
[48] 詹芬萍.产权式酒店—中国酒店业拓展的新领域[J].北京第二外国语学院学报,2004(1):4-11
[49] Welker,M.Disclosure policy,information asymmetry,and liquidity in equity markets.Contemporary Accounting Research,1995,11(spring): 27
[50] Akerlof,G.The market for“Lemons”:quality uncertainty and the market mechanism.Quarterly Journal of Economics,1970,August:488-500
[51] 郑成思.WTO 知识产权协议逐条讲解[M].北京:中国方正出版社,2000,12
[52] Adam Smith.The Theory of Moral Sentiments.London:Cambridge University press,2000,260
[53] 钱廷仙.产权式酒店投资的风险来源与控制[J].苏经贸职业技术学院学报,2005(1):36-37
[54] Steven J.Burton.Principles of Contract Law.West Publishing MINN,1995,256
[55] HoulibanB.Housing.Policy and Central local government relation. Hants:Avebury. 1988,312
[2] Adrian H.Timeshare Industry structure and competitive analysis . Pryce Hospitality Management,2002 (3):34
[3] 吴德云 . 商业地产经营模式研究 [J]. 河南商业高等专科学校学报 ,2003(1):17-18
[4] 方胜.产权式酒店:让人动心的二合一投资亮点[J].中国房地信息,2003(3):1 2-13
[5] 宗春霞.产权酒店—锦缎包裹的铁蒺藜[J].科学,2003(4):58-61
[6] 刘成刚.对带租约分割产权能够增加商用楼内在价值的经济学剖析[J].天津市职工现代企业管理学院学报,2005(2):23-24
[7] 盛军华.投资产权式酒店的法律分析[J]. http://www.advisernet.cn/info/detail.asp?id=143,2005-4-20
[8] 周兰萍,龙文杰.产权式酒店交易法律问题分析[J]. http://www.build-lawyer.com/web/pxzx_flzc1.asp?article_id=1117,2006-1-16
[9] 殷建强,李海峰.售后返租,馅饼还是陷阱[J].中国社会导刊,2005,2: 37-38
[10] 张家鹏.商业地产:是金矿也是陷阱[J]. http://news.sina.com.cn/c/2006-12-22/153711862285.shtml,2006-12-22
[11] 秦宵喊.产权式商铺叫停的被后[J]. http://www.njnews.cn/v/ca788154.htm,2006-7-16
[12] 文 洁 . 产 权 式 酒 店 成 长 沙 楼 市 最 为 活 跃 的 “ 商 业 分 子 ” [J]. http://news.cs.soufun.com/2006-11-03/856045.html,2006-11-03
[13] 姚多,裴南一.关于个人产权式营业用房抵押贷款若干问题的法律思考[J].现代金融,2006(3):41-43
[14] 王利民.中国物权法草案建议稿及说明[M].北京:社会法制出版社,2001, 316
[15] 王利明.建筑物区分所有制度[J]. http://www.privatelaw.com.cn/new2004/shtml/20050304-115159.htm,2005-3-4
[16] 杨文杰.商铺所有权对物权理论的挑战[J].商场现代化,2006(1):216-218
[17] 梁慧星.中国物权法学者建议稿[M].北京:社会科学文献出版社,2000, 213
[18] 王利明.民法[M].北京:中国人民大学出版社,2000, 155-157
[19] Berle and Means.The mordern corporation and private property.New York:Macmillan,1932,71
[20] 徐晓音.房地产投资风险与防范对策研究[J].商业研究,2002(9)145-147
[21] Alchain,A, H.Demsetz.The Property Right Paradigm.Journal of Economic History,1973,16-27
[22] 张奕.上海规定商铺不得擅自拆零卖. http://www.people.com.cn/GB/paper53/16811/1477532.html, 2006-2-8
[23] 朱程.产权式商铺权属登记实践及探讨[J]. http://www.gzmall.com/sz/show.php?art_id=14638,2007-3-13
[24] 李遥.产权商铺热销投资风险须防. http://hbrb.hebeidaily.com.cn/20041020/ca433867.htm,2004-11-21
[25] 方 胜 . 产 权 式 酒 店 : 让 人 动 心 的 “ 二 合 一 ” 投 资 亮 点 [J]. 中 国 房 地 信息,2003(2):54-55
[26] 刘成刚.对带租约分割产权能够增加商用楼内在价值的经济学剖析[J].天津市职工现代企业管理学院学报,2005(2):39
[27] 胡海英.返租销售:纳税义务如何判断[J].涉外税务,2004(12):82-83
[28] 李刚.零售业商业模式创新与企业竞争力[J]. http://www.china.com.cn/aboutchina/data/txt/2006-12/14/content_7507966.htm,2006-12-14
[29] 李哲.产权式酒店投资的利好与风险规避[J]. http://www.itsqq.com/a/news/bg/2005-07-05/42940.html,2005-7-5
[30] 樊邦勇.产权酒店产业发展现状分析[J].特区经济,2005(4):274-275
[31] 刘成刚.郑安亮,房地产业带租约产权式销售的风险分析与控制[J].营销策略,2005(11):88-89
[32] 林世兴.昆明产权式商铺遭遇尴尬. http://www.yndaily.com/html/20051111/news_88_650740.html, 2005-11-11
[33] 余卫明,邓成明.行政法与行政诉讼法[M].长沙:湖南大学出版社,2001,28-29
[34] 刘俊海.热点商法经济法案例评析与立法问题[M].北京:经济科学出版社,2000, 447
[35] 周曙.“合法”与“不违法” [N].人民法院报,2002-11-1
[36] [英]亚当.斯密.国民财富的性质和原因研究(下卷)[M].上海:商务印书馆,1983,102
[37] 吴易风,王键,方松英.市场经济和政府干预[M].上海:商务印书馆,1998, 120
[38] Robin Paul Malloy.Law and Market Economy. London:Cambridge University press,2000,140-141
[39] 乔新生.该叫停还是该叫醒[N].经济日报,2004-11-11
[40] 李国光.经济审判指导与参考[M].北京:法律出版社,2000,19
[41] 刘 成 刚 , 黄 振 宇 . 房 地 产 销 售 新 王 牌 : 带 租 约 分 割 产 权 [J]. 商 业 视角,2005(6):87-88
[42] Fred F.French.Investing Co.v. City of New Youk.39 N.Y.2d587,350 N.E.2d 381(Ct.of Appeals N.Y.,1976),appeal dismissed,429 U.S.990(1976) .
[43] 王利民.物权法研究[M].北京:中国人民大学出版社,2002,5: 409
[44] 林霆.房地产开发法律风险及其防范刍议[J].茂名学院学报,2005(10):15
[45] 祁 神 军 , 单 良 . 取 消 商 品 房 预 售 制 度 的 利 与 弊 [J]. 中 国 房 地 产 金融,2005(12):25-27
[46] 徐寿松.央行建议取消房屋预售制度[J].金融信息参考,2005(10):38
[47] 甘培忠.企业与公司法学[M].北京:北京大学出版社,2001,280
[48] 詹芬萍.产权式酒店—中国酒店业拓展的新领域[J].北京第二外国语学院学报,2004(1):4-11
[49] Welker,M.Disclosure policy,information asymmetry,and liquidity in equity markets.Contemporary Accounting Research,1995,11(spring): 27
[50] Akerlof,G.The market for“Lemons”:quality uncertainty and the market mechanism.Quarterly Journal of Economics,1970,August:488-500
[51] 郑成思.WTO 知识产权协议逐条讲解[M].北京:中国方正出版社,2000,12
[52] Adam Smith.The Theory of Moral Sentiments.London:Cambridge University press,2000,260
[53] 钱廷仙.产权式酒店投资的风险来源与控制[J].苏经贸职业技术学院学报,2005(1):36-37
[54] Steven J.Burton.Principles of Contract Law.West Publishing MINN,1995,256
[55] HoulibanB.Housing.Policy and Central local government relation. Hants:Avebury. 1988,312