{"id":831,"date":"2022-08-04T16:19:12","date_gmt":"2022-08-04T13:19:12","guid":{"rendered":"https:\/\/eurasialaw-journal.ru\/?p=831"},"modified":"2022-08-04T16:19:12","modified_gmt":"2022-08-04T13:19:12","slug":"the-prudent-investment-duties-of-fund-managers-in-chinas-public-offering-reits-in-the-field-of-infrastructure","status":"publish","type":"post","link":"https:\/\/eurasialaw-journal.ru\/en\/the-prudent-investment-duties-of-fund-managers-in-chinas-public-offering-reits-in-the-field-of-infrastructure.html","title":{"rendered":"THE PRUDENT INVESTMENT DUTIES OF FUND MANAGERS IN CHINA&rsquo;S PUBLIC OFFERING REITS IN THE FIELD OF INFRASTRUCTURE"},"content":{"rendered":"<h1>THE PRUDENT INVESTMENT DUTIES OF FUND MANAGERS IN CHINA&rsquo;S PUBLIC OFFERING REITS IN THE FIELD OF INFRASTRUCTURE<\/h1>\r\n<div class=\"doi-text\">\r\n<p><strong>\u2116 6 (169) 2022<\/strong><\/p>\r\n<p><strong>DOI 10.46320\/2073-4506-2022-6-169-59-63<\/strong><\/p>\r\n<p><strong>Pages 59-63<\/strong><\/p>\r\n<p><strong>YAJUN Cao&nbsp;<\/strong><br>postgraduate student of Philosophy in Law (Ph.D.) of the Law Faculty of the Sun Yat-sen University, Guangzhou, China<\/p>\r\n<p><strong>THE PRUDENT INVESTMENT DUTIES OF FUND MANAGERS IN CHINA&rsquo;S PUBLIC OFFERING REITS IN THE FIELD OF INFRASTRUCTURE<\/strong><\/p>\r\n<p>Public Offering Real Estate Investment Trust Fund has enjoyed more than a hundred years&rsquo; experience throughout the world, opening the path for small and medium investors to real estate investment, bearing the advantages of high liquidity, low correlation and relatively stable income. In 2020, China launched the pilot project of public offering REITs in the field of infrastructure, marking the official entrance of a mature and important international financial product into China&rsquo;s real estate investment market, breaking the previous limitation of real estate investment trusts in China that could only raise funds through private placement. Compared with private offering REITs, public offering REITs involve public investors, and the fund managers of such funds should bear stricter prudent investment duties. Standardizing the prudent investment duty of fund managers is the key to standardizing the operation and management and long-term healthy development of public offering REITs in infrastructure. These funds contain the triple legal relationships including the trust legal relationship, trading legal relationship, agent legal relationship. The fund managers are in the central position of the triple legal relationships and bear the strict due diligence obligations, prudent management obligations and information disclosure obligations. The author answers several key questions about the functioning of this institute in China.<\/p>\r\n<p><strong>Keywords:<\/strong> trust, public offering REITs, fund managers, prudent investment duties.<\/p>\r\n<hr>\r\n<p><strong>\u2116 6 (169) 2022<\/strong><\/p>\r\n<p><strong>\u0421\u0442\u0440\u0430\u043d\u0438\u0446\u044b 59-63<\/strong><\/p>\r\n<p><strong>\u0426\u0410\u041e \u042f\u0446\u0437\u044e\u043d\u044c&nbsp;<\/strong><br>\u0430\u0441\u043f\u0438\u0440\u0430\u043d\u0442 \u042e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u043e\u0433\u043e \u0444\u0430\u043a\u0443\u043b\u044c\u0442\u0435\u0442\u0430 \u0423\u043d\u0438\u0432\u0435\u0440\u0441\u0438\u0442\u0435\u0442 \u0421\u0443\u043d\u044c \u042f\u0442\u0441\u0435\u043d\u0430, \u0413\u0443\u0430\u043d\u0447\u0436\u043e\u0443, \u041a\u0438\u0442\u0430\u0439<\/p>\r\n<p><strong>\u0420\u0410\u0417\u0423\u041c\u041d\u042b\u0415 \u0418\u041d\u0412\u0415\u0421\u0422\u0418\u0426\u0418\u041e\u041d\u041d\u042b\u0415 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\u043e\u0442\u0432\u0435\u0447\u0430\u0435\u0442 \u043d\u0430 \u043d\u0435\u0441\u043a\u043e\u043b\u044c\u043a\u043e \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0445 \u0432\u043e\u043f\u0440\u043e\u0441\u043e\u0432 \u043a\u0430\u0441\u0430\u0442\u0435\u043b\u044c\u043d\u043e \u0444\u0443\u043d\u043a\u0446\u0438\u043e\u043d\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f \u044d\u0442\u043e\u0433\u043e \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0442\u0430 \u0432 \u041a\u0438\u0442\u0430\u0435.<\/p>\r\n<p><strong>\u041a\u043b\u044e\u0447\u0435\u0432\u044b\u0435 \u0441\u043b\u043e\u0432\u0430:<\/strong> \u0442\u0440\u0430\u0441\u0442, \u0442\u0440\u0430\u0441\u0442\u043e\u0432\u044b\u0435 \u0444\u043e\u043d\u0434\u044b \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0439 \u0432 \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u044c \u0441 \u043f\u0443\u0431\u043b\u0438\u0447\u043d\u044b\u043c \u0440\u0430\u0437\u043c\u0435\u0449\u0435\u043d\u0438\u0435\u043c \u0430\u043a\u0446\u0438\u0439, \u0443\u043f\u0440\u0430\u0432\u043b\u044f\u044e\u0449\u0438\u0435 \u0444\u043e\u043d\u0434\u0430\u043c\u0438, \u0440\u0430\u0437\u0443\u043c\u043d\u044b\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u044b\u0435 \u043e\u0431\u044f\u0437\u0430\u043d\u043d\u043e\u0441\u0442\u0438.<\/p>\r\n<\/div><div class=\"pvc_clear\"><\/div><p class=\"pvc_stats all \" data-element-id=\"831\" style=\"\"><i class=\"pvc-stats-icon large\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.0\" viewBox=\"0 0 502 315\" preserveAspectRatio=\"xMidYMid meet\"><g transform=\"translate(0,332) scale(0.1,-0.1)\" fill=\"\" stroke=\"none\"><path d=\"M2394 3279 l-29 -30 -3 -207 c-2 -182 0 -211 15 -242 39 -76 157 -76 196 0 15 31 17 60 15 243 l-3 209 -33 29 c-26 23 -41 29 -80 29 -41 0 -53 -5 -78 -31z\"\/><path d=\"M3085 3251 c-45 -19 -58 -50 -96 -229 -47 -217 -49 -260 -13 -295 52 -53 146 -42 177 20 16 31 87 366 87 410 0 70 -86 122 -155 94z\"\/><path d=\"M1751 3234 c-13 -9 -29 -31 -37 -50 -12 -29 -10 -49 21 -204 19 -94 39 -189 45 -210 14 -50 54 -80 110 -80 34 0 48 6 76 34 21 21 34 44 34 59 0 14 -18 113 -40 219 -37 178 -43 195 -70 221 -36 32 -101 37 -139 11z\"\/><path d=\"M1163 3073 c-36 -7 -73 -59 -73 -102 0 -56 133 -378 171 -413 34 -32 83 -37 129 -13 70 36 67 87 -16 290 -86 209 -89 214 -129 231 -35 14 -42 15 -82 7z\"\/><path d=\"M3689 3066 c-15 -9 -33 -30 -42 -48 -48 -103 -147 -355 -147 -375 0 -98 131 -148 192 -74 13 15 57 108 97 206 80 196 84 226 37 273 -30 30 -99 39 -137 18z\"\/><path d=\"M583 2784 c-38 -19 -67 -74 -58 -113 9 -42 211 -354 242 -373 16 -10 45 -18 66 -18 51 0 107 52 107 100 0 39 -1 41 -124 234 -80 126 -108 162 -133 173 -41 17 -61 16 -100 -3z\"\/><path d=\"M4250 2784 c-14 -9 -74 -91 -133 -183 -95 -150 -107 -173 -107 -213 0 -55 33 -94 87 -104 67 -13 90 8 211 198 130 202 137 225 78 284 -27 27 -42 34 -72 34 -22 0 -50 -8 -64 -16z\"\/><path d=\"M2275 2693 c-553 -48 -1095 -270 -1585 -649 -135 -104 -459 -423 -483 -476 -23 -49 -22 -139 2 -186 73 -142 361 -457 571 -626 285 -228 642 -407 990 -497 242 -63 336 -73 660 -74 310 0 370 5 595 52 535 111 1045 392 1455 803 122 121 250 273 275 326 19 41 19 137 0 174 -41 79 -309 363 -465 492 -447 370 -946 591 -1479 653 -113 14 -422 18 -536 8z m395 -428 c171 -34 330 -124 456 -258 112 -119 167 -219 211 -378 27 -96 24 -300 -5 -401 -72 -255 -236 -447 -474 -557 -132 -62 -201 -76 -368 -76 -167 0 -236 14 -368 76 -213 98 -373 271 -451 485 -162 444 86 934 547 1084 153 49 292 57 452 25z m909 -232 c222 -123 408 -262 593 -441 76 -74 138 -139 138 -144 0 -16 -233 -242 -330 -319 -155 -123 -309 -223 -461 -299 l-81 -41 32 46 c18 26 49 83 70 128 143 306 141 649 -6 957 -25 52 -61 116 -79 142 l-34 47 45 -20 c26 -10 76 -36 113 -56z m-2057 25 c-40 -58 -105 -190 -130 -263 -110 -324 -59 -707 132 -981 25 -35 42 -64 37 -64 -19 0 -241 119 -326 174 -188 122 -406 314 -532 468 l-58 71 108 103 c185 178 428 349 672 473 66 33 121 60 123 61 2 0 -10 -19 -26 -42z\"\/><path d=\"M2375 1950 c-198 -44 -350 -190 -395 -379 -18 -76 -8 -221 19 -290 114 -284 457 -406 731 -260 98 52 188 154 231 260 27 69 37 214 19 290 -38 163 -166 304 -326 360 -67 23 -215 33 -279 19z\"\/><\/g><\/svg><\/i> &nbsp;674&nbsp;\u0412\u0421\u0415\u0413\u041e, &nbsp;4&nbsp;\u0421\u0415\u0413\u041e\u0414\u041d\u042f<\/p><div class=\"pvc_clear\"><\/div>","protected":false},"excerpt":{"rendered":"THE PRUDENT INVESTMENT DUTIES OF FUND MANAGERS IN CHINA&rsquo;S PUBLIC OFFERING REITS IN THE FIELD OF INFRASTRUCTURE \u2116 6 (169) 2022 DOI 10.46320\/2073-4506-2022-6-169-59-63 Pages 59-63 YAJUN Cao&nbsp;postgraduate student of Philosophy in Law (Ph.D.) of the Law Faculty of the Sun Yat-sen University, Guangzhou, China THE PRUDENT INVESTMENT DUTIES OF FUND MANAGERS IN CHINA&rsquo;S PUBLIC OFFERING &#8230; <a title=\"THE PRUDENT INVESTMENT DUTIES OF FUND MANAGERS IN CHINA&rsquo;S PUBLIC OFFERING REITS IN THE FIELD OF INFRASTRUCTURE\" class=\"read-more\" href=\"https:\/\/eurasialaw-journal.ru\/en\/the-prudent-investment-duties-of-fund-managers-in-chinas-public-offering-reits-in-the-field-of-infrastructure.html\" aria-label=\"More on THE PRUDENT INVESTMENT DUTIES OF FUND MANAGERS IN CHINA&rsquo;S PUBLIC OFFERING REITS IN THE FIELD OF INFRASTRUCTURE\">Read more<\/a><div class=\"pvc_clear\"><\/div><p class=\"pvc_stats all \" data-element-id=\"831\" style=\"\"><i class=\"pvc-stats-icon large\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" version=\"1.0\" viewBox=\"0 0 502 315\" preserveAspectRatio=\"xMidYMid meet\"><g transform=\"translate(0,332) scale(0.1,-0.1)\" fill=\"\" stroke=\"none\"><path d=\"M2394 3279 l-29 -30 -3 -207 c-2 -182 0 -211 15 -242 39 -76 157 -76 196 0 15 31 17 60 15 243 l-3 209 -33 29 c-26 23 -41 29 -80 29 -41 0 -53 -5 -78 -31z\"\/><path d=\"M3085 3251 c-45 -19 -58 -50 -96 -229 -47 -217 -49 -260 -13 -295 52 -53 146 -42 177 20 16 31 87 366 87 410 0 70 -86 122 -155 94z\"\/><path d=\"M1751 3234 c-13 -9 -29 -31 -37 -50 -12 -29 -10 -49 21 -204 19 -94 39 -189 45 -210 14 -50 54 -80 110 -80 34 0 48 6 76 34 21 21 34 44 34 59 0 14 -18 113 -40 219 -37 178 -43 195 -70 221 -36 32 -101 37 -139 11z\"\/><path d=\"M1163 3073 c-36 -7 -73 -59 -73 -102 0 -56 133 -378 171 -413 34 -32 83 -37 129 -13 70 36 67 87 -16 290 -86 209 -89 214 -129 231 -35 14 -42 15 -82 7z\"\/><path d=\"M3689 3066 c-15 -9 -33 -30 -42 -48 -48 -103 -147 -355 -147 -375 0 -98 131 -148 192 -74 13 15 57 108 97 206 80 196 84 226 37 273 -30 30 -99 39 -137 18z\"\/><path d=\"M583 2784 c-38 -19 -67 -74 -58 -113 9 -42 211 -354 242 -373 16 -10 45 -18 66 -18 51 0 107 52 107 100 0 39 -1 41 -124 234 -80 126 -108 162 -133 173 -41 17 -61 16 -100 -3z\"\/><path d=\"M4250 2784 c-14 -9 -74 -91 -133 -183 -95 -150 -107 -173 -107 -213 0 -55 33 -94 87 -104 67 -13 90 8 211 198 130 202 137 225 78 284 -27 27 -42 34 -72 34 -22 0 -50 -8 -64 -16z\"\/><path d=\"M2275 2693 c-553 -48 -1095 -270 -1585 -649 -135 -104 -459 -423 -483 -476 -23 -49 -22 -139 2 -186 73 -142 361 -457 571 -626 285 -228 642 -407 990 -497 242 -63 336 -73 660 -74 310 0 370 5 595 52 535 111 1045 392 1455 803 122 121 250 273 275 326 19 41 19 137 0 174 -41 79 -309 363 -465 492 -447 370 -946 591 -1479 653 -113 14 -422 18 -536 8z m395 -428 c171 -34 330 -124 456 -258 112 -119 167 -219 211 -378 27 -96 24 -300 -5 -401 -72 -255 -236 -447 -474 -557 -132 -62 -201 -76 -368 -76 -167 0 -236 14 -368 76 -213 98 -373 271 -451 485 -162 444 86 934 547 1084 153 49 292 57 452 25z m909 -232 c222 -123 408 -262 593 -441 76 -74 138 -139 138 -144 0 -16 -233 -242 -330 -319 -155 -123 -309 -223 -461 -299 l-81 -41 32 46 c18 26 49 83 70 128 143 306 141 649 -6 957 -25 52 -61 116 -79 142 l-34 47 45 -20 c26 -10 76 -36 113 -56z m-2057 25 c-40 -58 -105 -190 -130 -263 -110 -324 -59 -707 132 -981 25 -35 42 -64 37 -64 -19 0 -241 119 -326 174 -188 122 -406 314 -532 468 l-58 71 108 103 c185 178 428 349 672 473 66 33 121 60 123 61 2 0 -10 -19 -26 -42z\"\/><path d=\"M2375 1950 c-198 -44 -350 -190 -395 -379 -18 -76 -8 -221 19 -290 114 -284 457 -406 731 -260 98 52 188 154 231 260 27 69 37 214 19 290 -38 163 -166 304 -326 360 -67 23 -215 33 -279 19z\"\/><\/g><\/svg><\/i> &nbsp;674&nbsp;\u0412\u0421\u0415\u0413\u041e, &nbsp;4&nbsp;\u0421\u0415\u0413\u041e\u0414\u041d\u042f<\/p><div class=\"pvc_clear\"><\/div>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,30],"tags":[],"translation":{"provider":"WPGlobus","version":"2.8.11","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/posts\/831"}],"collection":[{"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/comments?post=831"}],"version-history":[{"count":0,"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/posts\/831\/revisions"}],"wp:attachment":[{"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/media?parent=831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/categories?post=831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eurasialaw-journal.ru\/en\/wp-json\/wp\/v2\/tags?post=831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}