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Investing in China: Legal Risks Associated with Project Finance 陈承元 Roy CHAN 管理合伙人 Office Managing Partner 英国欧华律师事务所上海代表处 DLA Piper UK LLP, Shanghai September 2007, Xiamen Investment Trends and Opportunities Investment Trends in China Categories of Risk Project Financing Structures as a Viable Option for Structuring Investments in China Legal Risks Associated with Project Financing in China Managing Legal Risks I. Investment Trends in China South, East and South-East Asia: top 10 recipients of FDI inflows, 2004-2005 (approx. billions of US dollars) I. Investment Trends in China Utilization of Foreign Investment in China from January to July 2007 II. Categories of Risk Construction Risk Operation Risk Regulation/Political/Policy Risk Financial Perspective Legal Perspective Features of Project Finance Lenders finance the project looking to creditworthiness of the project, not the borrowing party. Repayment of the loan is made from earnings of the project. Security taken by the lenders is largely confined to the project assets (“limited recourse”). Spread risk between various parties in arrangement that is most efficient and cost-effective. III. Financing Investments in China increases the availability of financing to projects that may typically be less commercially attractive; reduces the overall risks for the project participants to acceptable levels; and effective allocation of risk in a multi-jurisdictional transaction. IV. Identifying the Risk Commercial and Operating risks developing and structuring the project broader economic risks related to interest rate changes, currency risks, costs of raw material and labour Noncommercial risks highly regulated environment political risks – change of policy / practice multi-layer regulations / regulators with overlapping jurisdictions at district / provincial/ national fast moving regulatory regime – provisional / interim rules and regulations / trial schemes V. Managing the Risk O
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