Regulations Governing Information to be Disclosed in Investment Memorandums for Private Placement of REIT or REAT Beneficiary Securities by a Trustee Article 4
The summary of the investment plan mentioned in the preceding article shall contain the following particulars:1. The plan for investment in real estate, related rights of real estate, real estate related securities, and other investment objects as approved by the competent authority, including the types and locations of real estate or other investment objects to be purchased, planned holding period, sources of funds, utilization and management modules, cost recovery, financial projections and estimated rate of return.2. The plan for investment in real estate or related rights of real estate under development, including the types and locations of real estate or related rights of real estate planned for development, market analysis, feasibility study, title search report, planned development schedule and development plan, phase plans and control modules for acquisition, development, sale or operation management, sources of funds, fund utilization and control modules, cost recovery, financial projections, and estimated rate of return, self-evaluation plan, method of handling in case the real estate development project is not completed or delayed, impact on the interests of the beneficiaries, and agreement on rights and obligations among the trustee, the real estate management institution, and the beneficiaries.3. For real estate or related rights of real estate that the REIT has definitively targeted for investment, the general conditions of the investment object:(1) The type, location, area, land category, zoning, and approved usage of the investment object, use permit or control, rights (records of ownership, scope of rights, and registration of other rights), original date of acquisition by real estate owner(s), party (ies) from whom the real estate was acquired (name and relationship), and cost of acquisition, and associated litigious or non-litigious events that could have a material impact on the interests of the beneficiaries.(2) Use situation and conditions, method of handling subsequent to the termination of rental agreement and the contents of important contracts.(3) The value of the investment object as assessed by a professional appraiser and important points in the appraisal report produced pursuant to Article 22 of the Act, and whether the professional appraiser, its appraisal personnel and the parties to the transaction are related party or de facto related party as defined in the Statement of Financial Accounting Standards No. 6 to each other.(4) Encumbrances on the investment object and the method of handling such encumbrances.(5) Method for managing and disposing the investment object.(6) Method for estimating the expected return on investment object, basis for estimation, stable income generated by the investment object, expert opinion on the appropriateness of price, and whether the expert, the trustee, and the real estate owner are related party or de facto related party as defined in the Statement of Financial Accounting Standards No. 6 to each other.(7) Whether the owner(s) of real estate or the holder(s) of related rights of real estate are a related party to the trustee.(8) Whether the annual depreciation cost of the building will be calculated with an extended period of one-half of the service life as described in the Table of Service Life of Fixed Assets pursuant to Article 53 of the Act.4. For real estate or related rights of real estate under development that the REIT has definitively targeted for investment, the general conditions of the investment object:(1) If the investment object involves an urban renewal project, specify the type, location, area of land base, land category, zoning, and approved usage of investment object, use permit or control, whether the project is to be constructed under a joint venture, on its own or in other manner, planned construction commencement date, projected completion date, planned number of stories, planned number of units, total floor space planned, rights (records of ownership, scope of rights, and registration of other rights), estimated sales amount or rental income, expected gross profit or rate of return, and associated litigious or non-litigious events that could have a material impact on the interests of the beneficiaries.(2) If the investment object involves a public construction project, specify the course of receiving government grant of concession and applicable regulations; summary of important project-related contracts; brief introduction of principal operator, its division of labor, and proofs evidencing that the principal operator has the technological capability, financial prowess, and other necessary abilities to complete the concession contract; project construction plan and feasibility study; construction-phase financial plan; construction-phase risk management plan; operational plan and related assumptions; operation-phase financial plan; litigious or non-litigious events and special circumstances that could affect the completion or operation of the project, or have a material impact on the interests of the beneficiaries.(3) The value of the investment object as assessed by a professional appraiser and important points in the appraisal report produced pursuant to Article 22 of the Act, and whether the professional appraiser, its appraisal personnel and the parties to the transaction are related party or de facto related party as defined in the Statement of Financial Accounting Standards No. 6 to each other.(4) Encumbrances on the investment object and the method of handling such encumbrances.(5) Method for managing and disposing the investment object.(6) Method for estimating the costs and expected return on investment object, basis for estimation, and expert opinion on the appropriateness of the price of investment object, and whether the expert, the trustee, and parties to the transaction are related party or de facto related party as defined in the Statement of Financial Accounting Standards No. 6 to each other.(7) Whether the owner(s) of real estate or the holder(s) of related rights of real estate under development are a related party to the trustee.
中文原文 受託機構私募不動產投資信託或資產信託受益證券投資說明書應行記載事項準則第4條
前條之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，包括購買之種類、地點、預定持有期間、資金來源、運用及控管程式、成本回收、財務預測及預估收益率等。
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、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）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。
（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，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。
（七）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。
（八）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；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；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，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。
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，包括購買之種類、地點、預定持有期間、資金來源、運用及控管程式、成本回收、財務預測及預估收益率等。
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、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）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。
（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，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。
（七）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。
（八）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；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；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，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。