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近年来,宏观调控力度加大、银行信贷政策收紧、信托融资受限等,房地产企业资金链持续紧张,逐渐寻求自筹资金以弥补缺口,民间资本充裕、投资渠道匮乏,促使私募股权房地产投资基金(下称“私募房地产基金”)在此背景下迎来爆发,特别是自2010年“开元”以来,私募房地产基金不断涌现,2014年5月9日,《国务院关于进一步促进资本市场健康发展的若干意见》(新国九条)更首次提出了“发展私募
In recent years, the macro-control efforts have been intensified, the bank credit policy tightened, the trust financing is limited and so on. The capital chain of real estate enterprises continues to be strained and they gradually seek self-financing to make up for the gap. Private capital is abundant and the investment channels are scarce, prompting private equity real estate investment Fund (hereinafter referred to as ”private real estate fund“) ushered in the background of the outbreak, especially since 2010, ”Kaiyuan“ since the private real estate funds continue to emerge, May 9, 2014, ”the State Council on Further Promotion Several opinions on the healthy development of the capital market “(New China Nine Articles) put forward for the first time that” the development of private placement