Legal

Removes State Council approval requirement for share issuance above par.

Inserting the concept of state expropriation.

Guideline for the issuance, investment ratio, investment term, risk control and compliance procedures in relation to insurance company's subordinated debt investment.

Tax excemptions on unprofitable real property are repealed.

Deed tax levied only on land or housing ownership inherited by non-heirs, but not by heirs.

Loans granted by lenders to borrowers for car purchase, including second-hand vehicles.

Types of financial instruments allowable for money market funds investment, and the requirements on the money market fund porfolio.

Application requirements for foreign-funded auto finance companies to open foreign exchange capital fund accounts with Chinese banks.

As state-owned enterprise reform continues, the Circular resolves ambiguities as to how state-owned assets and shares are to be disposed.