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1、铁狮门招募说明书TISHMAN SPEYER OFFERING MEMORANDUM克莱斯勒中心 (美国, 纽约) Chrysler Center (New York, U.S.A.)铁狮门期望创造出无与伦比的、可持续的世界顶级项目。Tishman Speyer expects to create exceptional, environmentally sustainable and world-class developments.2011年9月 September 2011铁狮门招募说明书TISHMAN SPEYER OFFERING MEMORANDUM本招募说明书属商业机密CONFI

2、DENTIAL OFFERING MEMORANDUM本招募说明书包含有与上海天势投资合伙企业（有限合伙）、上海天视投资合伙企业（有限合伙）和普通合伙人根据有限合伙协议在上海设立的至多其他两家有限合伙企业（以下合称“基金”）有关的保密信息和资料，除了有权接收本招募说明书且同意遵守保密义务的指定人士外，未经基金的普通合伙人事先书面同意，本招募说明书不得被复制或披露给其他任何人士。凡同意接收本招募说明书的人士，即应被视为已同意遵守前述保密约定。This Offering Memorandum contains confidential information relating to Shangha

3、i Tianshi I Investment Partnership (Limited Partnership), Shanghai Tianshi II Investment Partnership (Limited Partnership) and no more than two additional Shanghai-based limited partnerships established by the General Partner in accordance with the Limited Partnership Agreement (hereafter, collectiv

4、ely, the “Fund”). Apart from the designated individuals who are entitled to receive this memorandum and agree to observe the confidentiality requirements, this memorandum cannot be copied or disclosed to any other person without the written consent of the Funds General Partner. Any individual who ag

5、rees to receive this memorandum is deemed to have consented to observing the confidentiality requirements. 本招募说明书用中英文书写，中英文文本不一致时，以中文文本为准。This Offering Memorandum is written in both Chinese and English, and in case of discrepancy between the two versions, the Chinese version shall prevail.我们邀请每个潜在投资

6、人与基金的授权代表联系以获取更详尽的关于基金认缴，基金本身或其他信息，前提是基金的授权代表拥有相应的信息，或可以不耗费不合理的劳力或费用获得该信息，或披露该信息不会触犯相应法律和保密协议。在确认投资本基金之前潜在投资人可以针对基金认缴的条件或其他相关问题向基金的授权代表提问，我们会尽力提供答复。潜在投资人可以在工作时间内以邮件的方式联系以下基金的授权代表。Each prospective investor is invited to contact authorized representatives of the Fund to obtain any additional informati

7、on concerning this offering of the Interests, the Fund and all other information to the extent the Fund or its authorized representatives possess such information, or can acquire it without unreasonable effort or expense, or can share such information without breaching applicable law or confidential

8、ity arrangements, and to ask questions of, and receive answers from, the Fund or its authorized representatives concerning the terms and conditions of this offering of the Interests and other matters pertaining to an investment in the Fund. Prospective investors may request additional information by

9、 writing to the following persons during normal business hours:中国投资人联系人: For Chinese Investor:铁狮门是全球高端房地产投资、再定位、开发和运营以及优质资产管理领域的佼佼者。铁狮门的成功很大程度上源于铁狮门在别人看到困难的时候看到机遇。正是这种能力，再结合上公司的全球资源平台、对当地市场的洞察力和视每一个物业为独特的业务来经营的理念使铁狮门在不同市场周期都能为投资人提供最佳的业绩。Tishman Speyer is a world leader in the acquisition, reposition

10、ing, development and operation of first-class real estate and in the management of premier investment property portfolios. In large measure, Tishman Speyer has achieved its success by identifying investments and off-market opportunities where others see only challenges. It is this ability, combined

11、with the firms broad global resources, local market expertise and philosophy of managing each property as a unique operating business that enables Tishman Speyer to optimize returns for investors through all market cycles.从1978年创立起，铁狮门成功地收购、再定位、开发和管理了众多分布于美国、欧洲、拉丁美洲以及亚洲各主要城市的中央商务区的顶级写字楼、综合体和住宅项目。从19

12、97年开始至2010年第四季度，铁狮门作为地产基金管理人管理着来自超过150位投资人的约90亿美金的基金股权资本以及来自超过90位投资人的104亿美金的并投资本。Since its founding in 1978, Tishman Speyer has acquired, repositioned, developed and managed top-quality office buildings, mixed-use projects and residential real estate located in the central business districts of key

13、metropolitan areas of the United States, Europe, Latin America and Asia. As an investment fund manager since 1997, Tishman Speyer has managed approximately $9.0 billion in direct fund equity capital from over 150 investors and $10.4 billion from approximately 90 co-investors as of the end of the fou

14、rth quarter 2010.拥有遍及四大洲的专业投资经验，铁狮门在世界主要城市开发、再定位和管理高端物业方面享有盛誉，经典作品包括举世闻名的纽约的克莱斯勒中心和洛克菲勒中心、芝加哥的富兰克林中心、柏林的索尼中心、法兰克福的麦斯特尔大厦和奥本特尔大厦、伦敦的城市点、巴黎的卢米耶大厦、圣保罗的北方大厦、里约热内卢的幸福大厦、海得拉巴的威弗洛大厦。With investment expertise spanning four continents, Tishman Speyer has achieved a reputation for developing, repositioning an

15、d managing prominent properties in major cities worldwide, including such signature properties as New Yorks Chrysler Center and Rockefeller Center, Chicagos Franklin Center, Berlins Sony Center, Frankfurts MesseTurm and OpernTurm, Londons CityPoint, Paris Lumire, So Paulos Torre Norte, Rio de Janeir

16、os Ventura Towers and Hyderabads WaveRock.全球20个投资办事处20 INVESTMENT OFFICES ACROSS THE GLOBE 美国纽约、华盛顿特区、波士顿、 旧金山、洛杉矶、芝加哥、亚特兰大 英国伦敦 法国巴黎 德国法兰克福、慕尼黑 巴西圣保罗、里约热内卢 中国上海、北京 、天津、成都 印度海得拉巴、孟买、新德里UNITED STATES NEW YORK, WASHINGTON, D.C., BOSTON, SAN FRANCISCO, LOS ANGELES, CHICAGO, ATLANTA UNITED KINGDOM LONDO

17、N FRANCE PARIS GERMANY FRANKFURT, MUNICH BRAZIL SO PAULO, RIO DE JANEIRO CHINA SHANGHAI, BEIJING, TIANJIN, CHENGDU INDIA HYDERABAD, MUMBAI, NEW DELHI奥本特尔大厦 (德国, 法兰克福)OpernTurm (Frankfurt, Germany) 目录Table of ContentsI 概要 EXECUTIVE SUMMARY 11II 主要条款 SUMMARY OF KEY TERMS21III 铁狮门 创造价值的典范 TISHMAN SPEYE

18、R A MODEL FOR CREATING VALUE28IV 铁狮门管理层介绍 TISHMAN SPEYER EXECUTIVE MANAGEMENT41V 中国宏观趋势和苏州的投资机遇 CHINA MACROECONOMIC TRENDS & SUZHOU INVESTMENT OPPORTUNITY52VI 税务考量 TAX CONSIDERATIONS63VII 风险因素 RISK FACTORS68VIII利益冲突 CONFLICTS OF INTEREST87附录AAPPENDIX A种子项目介绍SEED PROJECT INFORMATION93附录BAPPENDIX B 铁狮

19、门项目精选SELECTED TISHMAN SPEYER PROJECTS97洛克菲勒中心 (美国, 纽约)Rockefeller Center (New York, U.S.A.) I概要Executive Summary公司介绍INTRODUCTION铁狮门房地产公司(以下简称“铁狮门”)是从一家百年老字号独立出来的非上市房地产公司。从1978年成立至今，铁狮门已成为全球房地产开发、运营、持有以及基金管理领域的佼佼者。自1978年以来，铁狮门收购、开发、运营的物业价值超过550亿美元，其中包括超过1100万平方米的优质写字楼和92000个住宅单元。结合铁狮门全球平台的优势和对当地市场的深刻

20、了解，公司以美国，欧洲，中国，巴西和印度等地的主要城市的中央商务区为业务拓展的主要方向。Tishman Speyer Properties, L.P. (hereafter “Tishman Speyer”) is a private real estate company with roots in a family business dating back more than 100 years. Established in its current form in 1978, Tishman Speyer is well known as a leading real estate op

21、erator, developer, owner and fund manager. Since 1978, Tishman Speyer has acquired, developed/repositioned and operated over $55 billion worth of properties, including over 11 million square meters of prime office space and 92,000 residential units. Matching a global perspective with deep local mark

22、et knowledge, the company focuses on the central business districts (“CBD”) of key metropolitan areas across the United States, Europe, China, Brazil and India.铁狮门旗下的上海狮浦投资咨询公司拟作为普通合伙人（以下简称“普通合伙人”）设立最多四个平行基金用于共同收购、开发和管理位于苏州的房地产项目。为了把握中国宏观发展趋势以及苏州工业园区未来高速增长所带来的房地产投资机遇，基金将重点投资开发苏州工业园区的城市综合体项目。关于苏州投资机遇

23、的详细资料请参见第五章 “中国宏观趋势和苏州的投资机遇”。Shanghai Shipu Investment Consulting Co. Ltd (hereafter the “General Partner”), an affiliate of Tishman Speyer, will form no more than four parallel funds to jointly acquire, develop, and manage real estate assets located in Suzhou. Designed to capitalize on the compelli

24、ng real estate investment opportunities created by Chinas macro developments, as well as tremendous future growth of Suzhou Singapore Industrial Park (thereafter “Suzhou SIP”), the Fund intends to invest principally in a mixed-use development project in Suzhou SIP. For more detailed information on t

25、he investment opportunity in Suzhou, see Section V, China Macroeconomic Trends & Suzhou Investment Opportunity.基金希望向合适的投资者（以下简称“有限合伙人”，与普通合伙人一并称为“合伙人”）募集 12.5亿元人民币。除有限合伙人认缴的资金，普通合伙人（包括其关联公司）将会向基金投资5000万元人民币。在投资期限内，基金将会是铁狮门投资苏州种子项目的独家境内基金。The Fund is targeting aggregate capital commitments of RMB 1,2

26、50 million from qualified investors (the “Limited Partners” and, together with the General Partner, the “Partners”). The General Partner and/or its affiliates will invest up to a maximum of RMB 50 million alongside the Limited Partners. During the investment period, the Fund will be Tishman Speyers

27、exclusive onshore investment vehicle for the seed project in Suzhou.市场机遇MARKET OPPORTUNITY中国经济在过去几十年里突飞猛进，从1990年起GDP以每年平均9.4%的速度增长。2010年中国取代日本成为世界第二大经济实体。蓬勃的发展势头吸引了越来越多的海外跨国公司进入中国或是加大其对中国市场的投入。这些海外跨国公司看中的是相对廉价的生产成本、日益壮大的中产阶级和世界领先的基础设施。据统计，2010年海外跨国公司平均每周在中国投资约130亿人民币。一方面是跨国公司可观的投入，另一方面是内资企业的高速发展，这两股

28、力量推动着对优质办公楼的需求，特别是国际甲A级办公楼的需求。这些深受国内外公司青睐的高质量办公空间拥有高水平的设计和施工、高空间利用率、现代化机电系统，以及可靠的物业管理团队。Over the last several decades, China has witnessed significant economic growth. GDP has expanded by an average of 9.4% per annum since 1990, and in 2010, China surpassed Japan as the worlds second largest economy

29、. Those growth dynamics have led to an influx of multinational corporations seeking to establish or expand their presence in China. Attracted by the prospects of substantial production savings, a rapidly expanding middle class and world-class infrastructure, foreign multinational corporations invest

30、ed on average approximately RMB 13 billion per week in China in 2010. When coupled with the expansion of domestic corporations, a substantial shortage of quality office space has emerged especially the international Class A office properties with premier design and construction, efficient floor plat

31、es, modern mechanical systems, and reliable property management services that are in high demand by international and domestic corporate tenants.与此同时，中国经济的转型也带来了一个日益壮大、富裕、追求更高生活品质的中产阶级。对良好生活水平的向往加上城镇里更充裕的就业机会，给中国人口分布带来前所未有的变化。 中国的城镇人口在2009年达到了6.22亿人，占总人口的47%。预计从2010年到2025年期间中国城镇人口会新增1.95亿1。铁狮门相信这股强劲

32、的移民潮是大城市房地产需求的一个重要组成部分，并将继续推动大城市未来的房地产需求。Chinas economic transformation has also resulted in the emergence of an increasingly large and wealthy middle class with significantly higher standards of living. The pursuit of higher living standards, combined with robust urban job creation, has caused an u

33、nprecedented demographic shift. In 2009, approximately 622 million people, or 47% of the population, lived in Chinas cities and towns. Another 195 million are expected to migrate to Chinas cities and towns between 2010 and 2025 资料来源：渣打银行研究报告Source: Standard Chartered Research. Tishman Speyer believe

34、s this dynamic migration trend has driven, and will continue to drive, ongoing demand for real estate in urban centers.快速的城市化进程和更高的生活水平，预计会进一步刺激人们对高端住宅和商业的需求。中国现有的很多城市住宅面积小，年代久远，配套设施不齐全，难以满足越来越富裕的中产阶级和外国工作人员的需求。与此同时，虽然中国拥有世界第二大奢侈品消费市场，但是中国现在缺乏与此匹配的高端零售空间以迎合国内外奢侈品品牌和国内消费者的需要。The combination of rapid

35、urbanization and higher living standards is expected to translate into strengthening demand for high end residential housing and retail space. Much of Chinas existing urban residential stock is limited to small, aging units with few amenities and is not suited to meet the needs of Chinas increasingl

36、y wealthy middle class and the expanding community of expatriates that staff the multinational corporations in China. Similarly, despite its position as the second largest luxury goods market in the world, China currently lacks the type and quality of retail properties needed to accommodate the burg

37、eoning demand of domestic and international retailers and the growing appetite of Chinese consumers. 凭借铁狮门中国团队在锁定优质项目和实现投资回报上的丰富经验，本基金有很好的能力把握中国市场经济增长所带来的机遇。铁狮门相信结合公司全球的开发经验和庞大的核心租户关系网，本基金的竞争力会更上一层楼。关于铁狮门全球平台，参见第三章 “铁狮门 - 创造价值的典范”。By capitalizing on the experience of Tishman Speyers local real estat

38、e experts who have a track record of identifying and executing attractive investment opportunities, the Fund is well-positioned to take advantage of the opportunities inherent in Chinas economic expansion. Tishman Speyer believes the firms extensive international development experience, combined wit

39、h its vast network of relationships with key tenants worldwide, will also provide the Fund with a strong competitive advantage. For more detailed information on Tishman Speyers operating platform, see Section III, Tishman Speyer A Model For Creating Value.作为一个有战略意义的长三角重镇，苏州与上海、南京和杭州等其他长三角城市连接极其便利。素有

40、人间天堂之称的苏州是中国城市可持续发展的典范。苏州在信息技术和制造业领域保持领先地位的同时，其在保护历史遗产和自然景观上的努力使得苏州的旅游业蓬勃发展。2010年苏州GDP达到9170亿元人民币，位居全国第五，仅次于上海、北京、广州和深圳。尽管苏州经济地位上被视为一个新兴的一线城市，苏州房地产价格即便是相对很多二线城市而言还是具有很强的竞争力 资料来源：中国新兴城市四十强 - 仲量联行(2009年3月)Source: China 40 The Rising Urban Stars by JLL (March 2009)。Suzhou, a strategic city in the Yangt

41、ze River Delta, enjoys excellent access to other major urban centers such as Shanghai, Nanjing and Hangzhou. Traditionally labeled as “Heaven on Earth”, Suzhou is a showcase for sustainable development in China. While it claims leadership in information technology and manufacturing, its efforts to p

42、rotect its historical heritage and natural landscape have led to a vibrant tourism industry. In 2010, Suzhous GDP reached RMB 917 billion, the fifth largest GDP in China behind Shanghai, Beijing, Guangzhou and Shenzhen. Although considered as an emerging first tier city economically, Suzhous real es

43、tate prices are fairly competitive even compared with many second tier cities in China2. 苏州工业园区成立于1994年，充分借鉴了新加坡在城市规划、经济管理和政府运作领域的成功经验。园区现已成为一个聚集15000家国内企业和4000家跨国公司的现代社区，85家世界500强公司已入驻园区，分别投资了138个项目3，这些企业的青睐是对园区的优越性和未来发展潜力的认可。基于对园区长期发展前景的看好，铁狮门接受园区政府的邀请，拟投资开发园区金鸡湖西岸中央商务区的核心地块。铁狮门希望通过开发一流的物业给园区带来世界级

44、的工作、消费和生活体验。Established in 1994, Suzhou SIP has drawn upon Singapores success in urban planning, economic management and public administration. The area has evolved into an established modern community with over 15,000 domestic companies and 4,000 foreign enterprises. To date, 85 Global Fortune 500

45、companies have invested in 138 projects in Suzhou SIP3 资料来源：苏州工业园区网站Source: Suzhou SIP website , a testament to the areas prominence and viability. Attracted by the long term growth potential of Suzhou SIP, Tishman Speyer has accepted the governments invitation to develop one of the most prime locations within the CBD on the west bank of the Golden