Regulations Governing Information to be Recorded in the Prospectus by a Trustee Offering Beneficial Securities in a Real Estate Investment Trust or Real Estate Asset Trust Article 9
The profile of the investment plan shall record the information listed below:1.A plan for investment in real estate, real estate-related rights, real estate-related securities, or other investment objects approved by the competent authority:A.The type and location [of the real estate], anticipated holding period, source of funds, utilization, control mechanisms, management methods, timing of disposal, cost recovery, financial forecasts, and expected returns.B.Procedures for handling the investment in the offshore real estate or real estate-related rights or REIT, with content to include at least the following:a.Investment policy and strategy.b.Statement of assessment and analysis of the region, type, and structure of the investment.c.Procedures for handling the assessment of and transaction and operations with respect to the investment objects.d.Fund risk management measures.C.The legislative and regulatory structure of the jurisdiction where the offshore real estate or real estate-related rights or REIT to be invested in is located and the market conditions there for that type of investment objects.2.A plan for investment in developmental real estate or real estate-related rights that includes with respect to the anticipated development: the type and location, a market analysis, feasibility analysis, and title search; plans and control mechanisms for each stage of the anticipated development's schedule, planning, acquisition, development, and sales or operations management; source of funds; whether funds will be raised through borrowing, and the terms and conditions of, and repayment plans for, such borrowing; whether the anticipated development is a sole or joint development; with respect to a joint development, overviews of the terms and conditions of cooperation of the joint development, overview of the equity distribution of the joint development, and overview of the other shareholders of the joint development; overview of the hired contractor; utilization and control mechanisms, cost recovery, financial forecast and estimated return, a self-assessment plan, a method for handling a failure to complete, or a delay in, the real estate development plan and the impact upon the rights and interests of beneficiaries of such failure; stipulations regarding the rights and obligations of the trustee, real estate management institution, and the beneficiaries.3.If any real estate, or real estate-related rights, have already been determined as targets of investment, an overview of the investment objects.A.The type of the investment objects and the location, area, land use category, zoning status, statutory use, permits or controls on usage, rights status (ownership, scope of rights, and a record of any encumbrance created thereupon); original acquisition date of the real estate by the owner, party (name and relationship) from whom it was acquired, acquisition cost, and litigated and non-litigated matters with a material impact upon the rights and interests of beneficiaries.B.If the investment objects are offshore real estate or real estate-related rights:a.Investment structure.b.If to be held through a special-purpose company, an accounting opinion issued by a CPA regarding tax matters in connection with the investment structure, and a statement issued by the CPA that the CPA is not a related party of the trustee, of the real estate management institution, or of any 10-percent-or-greater beneficiary, real estate owner, or rights owner of real estate-related rights.C.Usage status and conditions, method of disposal after termination of the lease, and important stipulations.D.The value of the investment objects as appraised by a professional appraiser and the principal content of the appraisal report issued pursuant to Article 22 of the Act (which shall include the reason for, and basic assumptions underlying, the use of each assessment method, any discrepancy in discounted cash flow analysis method and an explanation thereof, the relative weighting of each type of appraisal method and an explanation regarding such weighting decisions; if the income approach is adopted, the capitalization rate or discount rate shall also be disclosed), and a statement as to whether the professional appraiser and its appraisers are related parties, or substantially related parties, of the transacting parties for the purposes of Statement of Financial Accounting Standards No. 6.E.Any encumbrances on the investment objects and the methods for handling them.F.Method for management and disposition of the investment objects.G.The valuation method and assessment bases of the anticipated income on the investment objects, an expert opinion to the effect that the investment objects already generate a stable income and are fairly priced, and a statement as to whether that expert, the trustee, and the owner of the real estate are related parties or substantially related parties for the purposes of Statement of Financial Accounting Standards No. 6.H.Whether the owner of the real estate or the rights holder of the real estate-related rights is an interested party of the trustee.I.Whether the annual depreciation expense for buildings will be calculated, pursuant to Article 53 of the Act, by extending by one-half the service life set forth in the Table of Service Life of Fixed Assets.4.If developmental real estate or real estate-related rights have already been determined as targets of investment, an overview of those investment objects:A.If the investment objects are an urban development project, the overview shall disclose the type, location, site area, land use category, zoning status, statutory use, permits or controls on usage; whether the project is a joint, private, or other construction method; projected commencement and completion dates of the construction; projected number of stories to be constructed; projected number of units, projected total floor area, content of rights (ownership, scope of rights, and a record of the creation of any encumbrance), projected amount of sales or rental revenue, projected gross profit margin or rate of return, and any litigated or non-litigated matters with a material impact upon the rights and interests of beneficiaries .B.If the investment objects are a public construction project, the profile shall disclose the process by which the government concession was awarded, and the legal and regulatory requirements relevant to the plan; a summary of important contract contents relevant to the plan; an introduction to, and the segregation of duties of, the principal operator and evidence that they possess all technical capabilities, financial resources, and other necessary capabilities required by the concession contract; a project construction plan and feasibility analysis; a construction period financial plan which shall include a cash flow forecast, and plans for capital increase, capital decrease, borrowing and repayment; a construction period risk management plan; an operations plan and relevant assumptions; a construction period financial plan which shall include operating revenues, projected operating costs and profits, and projected financial statements, capital increase, capital decrease, borrowing and repayment plans for each year of the operations period; other special items such as litigated or non-litigated matters that impact the completion or operations of each project, or that have a material impact upon the rights and interests of beneficiaries.C.The value of the investment objects as appraised by a professional appraiser, and the principal content of the appraisal report issued pursuant to Article 22 of the Act (including the reasons and basic assumptions used for each appraisal method, any discrepancies in the discounted cash flow analysis method and an explanation of such discrepancies, the weightings for each type of appraisal method and relevant information such as explanations regarding such decisions; if the income approach is adopted, the capitalization rate or discount rate shall still be disclosed); explain whether or not the professional appraiser or its appraisers are related parties or substantial related parties, as defined in the Statement of Financial Accounting Standards No. 6, of the transacting parties.D.Any encumbrances on the investment objects and the method by which such encumbrance will be handled.E.Methods for the management and disposal of the investment objects.F.Assessment methods and evaluation bases for anticipated input costs of, and expected returns on, the investment objects; an expert opinion on the appropriateness of the price of the investment objects; explain whether the expert is a related party or substantial related party, as defined in the Statement of Financial Accounting Standards No. 6, of the trustee or transacting parties.G.Whether the owner of developmental real estate or the holder of real estate-related rights is an interested party of the trustee.5.Risk management principles regarding investment in real estate and real estate-related rights, real estate-related securities, developmental real estate and real estate-related rights, and other investment objects approved by the Competent Authority.6.Range and ratio of current assets.
中文原文 受託機構募集不動產投資信託或資產信託受益證券公開說明書應行記載事項準則第9條
投資計畫概況應記載下列事項：
一、投資不動產、不動產相關權利、不動產相關有價證券及其他經主管機關核准投資標的之計畫：
（一）購買之種類、地點、預定持有期間、資金來源、運用、控管程式、管理方式、處分時機、成本回收、財務預測及預期收益率等。
（二）投資境外不動產、不動產相關權利或不動產投資信託基金之投資處理程序，其內容至少應包括下列項目：1.投資方針及策略。
2.投資地區、類型、架構之評估分析內容說明。
3.投資標的之評估、交易及作業處理程序。
4.基金風險管理措施。
（三）投資境外不動產、不動產相關權利或不動產投資信託基金之當地法令制度及標的類型市場概況。
二、投資開發型不動產或不動產相關權利之計畫，包括預定開發之種類、地點、市場分析、可行性分析、產權調查報告、預定開發時程、計畫、取得、開發、銷售或經營管理等各階段計畫及控管程式、資金來源、是否舉債及相關借款條件與還款計畫、是否為獨資或合資開發、合資開發之合作條件概述、合資開發之股權分配概述、合資開發之其他股東概況、委託之營造商概況、運用及控管程式、成本回收、財務預測及預估收益率、自行評估計畫、不動產開發計畫未完成或遲延之處理方式、對受益人權益之影響與受託機構、不動產管理機構及受益人間權利義務之約定等。
三、已有確定投資之不動產或不動產相關權利者，該投資標的概況：
（一）投資標的種類、座落、面積、地目、使用分區、法定用途、使用許可或管制、權利內容（所有權、權利範圍及他項權利設定紀錄）、不動產所有權人原取得日期、取得對象（名稱及關係）及取得成本、涉及重大影響受益人權益之訴訟或非訟事件。
（二）投資標的為境外不動產或不動產相關權利：1.投資架構。
2.透過特殊目的公司型態持有者，經會計師出具投資架構稅務事項之會計意見書，及會計師出具與受託機構、不動產管理機構、持分達百分之十以上之受益人及不動產之所有人或不動產相關權利之權利人無關係人情事之聲明書。
（三）使用狀況、條件與租賃契約終止後之後續處理方式及重要約定內容。
（四）經專業估價者估價之投資標的價值及依本條例第二十二條規定出具估價報告書之重要內容（應包括各估價方法採用理由、基本假設、與折現現金流量分析法之差距與其說明，及各種估價方法之權重與其決定說明等相關內容；採收益法者，尚應揭露收益資本化率或折現率），並敘明專業估價者及其估價人員與交易當事人有無財務會計準則公報第六號所定之關係人或實質關係人之情事。
（五）投資標的上之負擔及對該等負擔之處理方式。
（六）投資標的之管理及處分方法。
（七）投資標的預期收益之評價方法、評估基礎及投資標的已有穩定收入及價格允當性之專家意見，並敘明該專家與受託機構及不動產所有人有無財務會計準則公報第六號所定之關係人或實質關係人之情事。
（八）不動產之所有人或不動產相關權利之權利人，是否為受託機構之利害關係人。
（九）建築物每年之折舊費用是否擬依本條例第五十三條規定依固定資產耐用年數表規定之耐用年數延長二分之一計算。
四、已有確定投資之開發型不動產或不動產相關權利者，該投資標的概況：
（一）投資標的屬都市更新案者，應揭露其種類、座落、基地面積、地目、使用分區、法定用途、使用許可或管制、合建、自建或其他興建方式、預計開工日、預計完工日、預計興建樓層數、預計興建戶數、預計總樓地板面積、權利內容（所有權、權利範圍及他項權利設定紀錄）、預計可售金額或出租金額、預計毛利或收益率、涉及重大影響受益人權益之訴訟或非訟事件。
（二）投資標的屬公共建設者，應揭露政府授與特許權之過程及與計畫相關之法令規範；計畫相關重要合約內容摘要；主要經營者簡介及分工暨其具備完成特許合約所需之技術能力、財力及其他必要能力之相關證明；工程興建計畫及可行性分析；興建期財務計畫，應包括現金流量預測、增資、減資、借款及還款之計畫；興建期風險管理計畫；營運計畫及相關假設；營運期財務計畫，應包括營運期間各年度營收、營運成本與獲利之預測及預估財務報告、增資、減資、借款及還款之計畫；其他足以影響個案工程完工、營運或涉及重大影響受益人權益之訴訟或非訟事件等特殊事項。
（三）經專業估價者估價之投資標的價值及依本條例第二十二條規定出具估價報告書之重要內容（應包括各估價方法採用理由、基本假設、與折現現金流量分析法之差距與其說明，及各種估價方法之權重與其決定說明等相關內容；採收益法者，尚應揭露收益資本化率或折現率），並敘明專業估價者及其估價人員與交易當事人有無財務會計準則公報第六號所定之關係人或實質關係人之情事。
（四）投資標的上之負擔及對該等負擔之處理方式。
（五）投資標的之管理及處分方法。
（六）投資標的預計投入成本及預期收益之評價方法、評估基礎及投資標的價格允當性之專家意見，並敘明該專家與受託機構及交易當事人有無財務會計準則公報第六號所定之關係人或實質關係人之情事。
（七）開發型不動產之所有權人或不動產相關權利之權利人，是否為受託機構之利害關係人。
五、投資於不動產及不動產相關權利、不動產相關有價證券、開發型之不動產及不動產相關權利及其他經主管機關核准投資標的之風險控管原則。
六、流動性資產之範圍及比率。
一、投資不動產、不動產相關權利、不動產相關有價證券及其他經主管機關核准投資標的之計畫：
（一）購買之種類、地點、預定持有期間、資金來源、運用、控管程式、管理方式、處分時機、成本回收、財務預測及預期收益率等。
（二）投資境外不動產、不動產相關權利或不動產投資信託基金之投資處理程序，其內容至少應包括下列項目：1.投資方針及策略。
2.投資地區、類型、架構之評估分析內容說明。
3.投資標的之評估、交易及作業處理程序。
4.基金風險管理措施。
（三）投資境外不動產、不動產相關權利或不動產投資信託基金之當地法令制度及標的類型市場概況。
二、投資開發型不動產或不動產相關權利之計畫，包括預定開發之種類、地點、市場分析、可行性分析、產權調查報告、預定開發時程、計畫、取得、開發、銷售或經營管理等各階段計畫及控管程式、資金來源、是否舉債及相關借款條件與還款計畫、是否為獨資或合資開發、合資開發之合作條件概述、合資開發之股權分配概述、合資開發之其他股東概況、委託之營造商概況、運用及控管程式、成本回收、財務預測及預估收益率、自行評估計畫、不動產開發計畫未完成或遲延之處理方式、對受益人權益之影響與受託機構、不動產管理機構及受益人間權利義務之約定等。
三、已有確定投資之不動產或不動產相關權利者，該投資標的概況：
（一）投資標的種類、座落、面積、地目、使用分區、法定用途、使用許可或管制、權利內容（所有權、權利範圍及他項權利設定紀錄）、不動產所有權人原取得日期、取得對象（名稱及關係）及取得成本、涉及重大影響受益人權益之訴訟或非訟事件。
（二）投資標的為境外不動產或不動產相關權利：1.投資架構。
2.透過特殊目的公司型態持有者，經會計師出具投資架構稅務事項之會計意見書，及會計師出具與受託機構、不動產管理機構、持分達百分之十以上之受益人及不動產之所有人或不動產相關權利之權利人無關係人情事之聲明書。
（三）使用狀況、條件與租賃契約終止後之後續處理方式及重要約定內容。
（四）經專業估價者估價之投資標的價值及依本條例第二十二條規定出具估價報告書之重要內容（應包括各估價方法採用理由、基本假設、與折現現金流量分析法之差距與其說明，及各種估價方法之權重與其決定說明等相關內容；採收益法者，尚應揭露收益資本化率或折現率），並敘明專業估價者及其估價人員與交易當事人有無財務會計準則公報第六號所定之關係人或實質關係人之情事。
（五）投資標的上之負擔及對該等負擔之處理方式。
（六）投資標的之管理及處分方法。
（七）投資標的預期收益之評價方法、評估基礎及投資標的已有穩定收入及價格允當性之專家意見，並敘明該專家與受託機構及不動產所有人有無財務會計準則公報第六號所定之關係人或實質關係人之情事。
（八）不動產之所有人或不動產相關權利之權利人，是否為受託機構之利害關係人。
（九）建築物每年之折舊費用是否擬依本條例第五十三條規定依固定資產耐用年數表規定之耐用年數延長二分之一計算。
四、已有確定投資之開發型不動產或不動產相關權利者，該投資標的概況：
（一）投資標的屬都市更新案者，應揭露其種類、座落、基地面積、地目、使用分區、法定用途、使用許可或管制、合建、自建或其他興建方式、預計開工日、預計完工日、預計興建樓層數、預計興建戶數、預計總樓地板面積、權利內容（所有權、權利範圍及他項權利設定紀錄）、預計可售金額或出租金額、預計毛利或收益率、涉及重大影響受益人權益之訴訟或非訟事件。
（二）投資標的屬公共建設者，應揭露政府授與特許權之過程及與計畫相關之法令規範；計畫相關重要合約內容摘要；主要經營者簡介及分工暨其具備完成特許合約所需之技術能力、財力及其他必要能力之相關證明；工程興建計畫及可行性分析；興建期財務計畫，應包括現金流量預測、增資、減資、借款及還款之計畫；興建期風險管理計畫；營運計畫及相關假設；營運期財務計畫，應包括營運期間各年度營收、營運成本與獲利之預測及預估財務報告、增資、減資、借款及還款之計畫；其他足以影響個案工程完工、營運或涉及重大影響受益人權益之訴訟或非訟事件等特殊事項。
（三）經專業估價者估價之投資標的價值及依本條例第二十二條規定出具估價報告書之重要內容（應包括各估價方法採用理由、基本假設、與折現現金流量分析法之差距與其說明，及各種估價方法之權重與其決定說明等相關內容；採收益法者，尚應揭露收益資本化率或折現率），並敘明專業估價者及其估價人員與交易當事人有無財務會計準則公報第六號所定之關係人或實質關係人之情事。
（四）投資標的上之負擔及對該等負擔之處理方式。
（五）投資標的之管理及處分方法。
（六）投資標的預計投入成本及預期收益之評價方法、評估基礎及投資標的價格允當性之專家意見，並敘明該專家與受託機構及交易當事人有無財務會計準則公報第六號所定之關係人或實質關係人之情事。
（七）開發型不動產之所有權人或不動產相關權利之權利人，是否為受託機構之利害關係人。
五、投資於不動產及不動產相關權利、不動產相關有價證券、開發型之不動產及不動產相關權利及其他經主管機關核准投資標的之風險控管原則。
六、流動性資產之範圍及比率。