Professional Documents
Culture Documents
REIT SURVEY
APRIL 2011
Results of a benchmark survey
of senior property professionals
to understand perceptions of
REIT markets in Asia-Pacific.
SOUTH KOREA JAPAN
CHINA
TAIWAN
HONG KONG
INDIA THAILAND
MALAYSIA
SINGAPORE
INDONESIA
AUSTRALIA
Overall, the REIT sector appears positioned for further growth. The
sector has successfully navigated to the other side of the two most
tumultuous years in its history. It will be interesting to see if this
growth takes the form of further mergers and acquisitions, new REIT
IPOs, or existing REITs making further property acquisitions.
We hope that you find the 2011 edition of the Asia-Pacific Survey a
valuable resource in understanding current market sentiment and
where the sector may be heading in the year ahead.
• Debenture/ bond trustee The Baker & McKenzie Asia-Pacific REITs Group has been
at the forefront of ground-breaking REIT transactions in
• Security trustee Asia. The team has acted on almost all of the significant
transactions to date involving REITs listed or with assets in
• Escrow agent Hong Kong and has also advised on other significant REIT-
related deals across Asia-Pacific and Australia.
1. Property Market growth: which countries offer the best Rating index
prospects for growth?
SURVEY METHODOLOGY:
Members of the property community were invited by
email to participate in the survey. This email contained a
URL to an on-line survey tool, with an individual login and
password for security and to protect individual respondent
confidentiality.
Country of residence
Malaysia 2%
Other 5%
Hong Kong 7%
Nationality
Australia 60% Chinese 2%
Singapore 25% American 2% New Zealand 2%
Other 4%
British 4%
Malaysian 4%
3 - 5 years 13%
10 years+ 57%
5 - 10 years 22%
Investment banker 7%
Property
professional 19%
Lawyer 22%
Type of Firm
Age
Under 30 years - 2%
100
REIT Asset Class – Ratings Trend – 2007-2011
90
80
70 67% 66%
60% 59%
60 57%
55% 54%
50
40
30
20
10
0
Commercial Infrastructure Healthcare Industrial Retail Hotels Residential
Office
100
Property Market Growth – Ratings Trend – 2007-2011
90
80
73%
70 67%
64%
61%
60 59% 58% 58%
57%
55%
53% 53%
49%
50 47%
42%
40
30
20
10
0
REGION India Australia Indonesia Malaysia Korea Philippines
China Singapore Hong Kong Vietnam Taiwan Thailand Japan
100
REIT Opportunity – Ratings Trend – 2007-2011
90
80
70 66% 65%
60 57%
53%
50% 51%
50% 49%
50 48%
46%
41% 40% 40%
40 39%
30
20
10
0
REGION Singapore Hong Kong Korea Japan Vietnam Philippines
Australia China Malaysia India Taiwan Indonesia Thailand
90
80 77%
72%
70
61%
60
56%
51%
50 49% 48%
46%
41% 41% 40%
40 37% 36%
34%
30
20
10
0
REGION Australia Japan Korea Philippines China India
Singapore Hong Kong Malaysia Taiwan Thailand Vietnam Indonesia
2. REIT opportunities
3. Regulatory support
2007 2008 2009 2010 2011 2010-11 2011 2010 Positive Neutral Negative
OVERALL "POTENTIAL" 70% 71% 57% 62% 69% 7% 1 1 63% 33% 4%
PROPERTY MARKET GROWTH 61% 64% 46% 54% 64% 9% 2 4 53% 43% 5%
REIT OPPORTUNITY 72% 71% 52% 60% 65% 5% 2 1 55% 38% 6%
REGULATORY SUPPORT 78% 79% 73% 70% 77% 7% 1 1 81% 18% 2%
Comments
Property Market Growth:
• Good office employment trajectory bodes well for occupation and rents; the tendency of the government to release
large volumes of land adds some risk
REIT opportunity:
• There is still a lot of stock to securitize; attractive location for international assets too
Comments
Property Market Growth:
• Good fundamentals of demand and supply; shortage of stock for institutional capital; cost of debt is at or above
property yield; cost of hedging A$ is high - so international buyers are deterred by technical factors rather than
property fundamentals
• Good - in particular, Sydney and Melbourne office property
Regulatory support:
• Outstanding issues to be clarified regarding Managed Investment Trust and Investment Management legislation;
Hope the various government agencies are speaking to each other
Comments
Property Market Growth:
• Good market fundamentals but prices pumped up by mainland Chinese investors who are not yield sensitive; zero
supply limits ability to invest; any upward move in interest rates likely to have major negative impacts
REIT Opportunity:
• Little stock to acquire; no real tax benefits over a real estate company which does not suffer from REIT restrictions
Comments
Property Market Growth:
• Problems for international buyers to obtain required returns - increasing competition from local investors who
have different rationale for investment and hence different pricing metrics; offshore vehicles have inherent tax risk;
development plays put too much control in hands of local partners. Overall an attractive but difficult market for
foreign investors
• Whilst we believe the market long term has growth prospects, we believe it is overheated as a REIT opportunity
REIT opportunity:
• Demand for income from retail investors - insatiable demand for quality product
• Primarily cross border REITs as REIT code is not yet ready in China
• For the foreseeable future, I do not see that any domestic REIT will be rewarded with going back offshore given
the experience they have had during the GFC hence why I have rated China’s prospects for investment offshore as
poor
Comments
Property Market Growth:
• Good economics but tenants seem to be happy to occupy very low quality space and hence rental trends seems to
be very flat
Comments
Property Market Growth:
• India’s indifference to REIT law and its logistic and cultural difficulties are the reasons for giving it a low growth
prospect marking
• Should be strong, difficult without strong regulatory support
Comments
Property Market Growth:
• Good economic fundamentals but tough to compete with local capital
Comments
Property Market Growth:
• Tokyo - OK; less opportunities outside of Tokyo
REIT Opportunity
• Poor fundamentals to underpin investments
Comments
Property Market Growth:
• Economy going well
Comments
Property Market Growth:
• Small, high risk market with high inflation and falling value of local currency able to wipe out any US$ returns to
investors
Comments
Property Market Growth:
• Somewhat unknown market; unclear if there is any liquidity to sell
• Transparency remains a concern
Comments
0 10 20 30 40 50 60 70 80 90 100
Launch additional REIT’s Increase the size of existing REIT Stay about the same size
The short term outlook for REITs remains the same as last
year, but is a more positive sentiment than in 2009:
0 10 20 30 40 50 60 70 80 90 100
Launch additional REIT’s Increase the size of existing REIT Stay about the same size
The following section provides an update on the REIT legislation in each of the selected countries.
Have there been recent deals and regulatory or other • Is there any tax exemption at the REIT level for the
developments? REIT’s income/profits?
The response of A-REITs to the global financial crisis was The REIT will not be taxed at the REIT level provided
to raise larger amounts of capital to reduce leverage, that the unitholders (investors) of the REIT are presently
restructure debt arrangements and explore simplification entitled to all of the net income and the REIT is not taxed
and consolidation. as a company. The REIT will not be taxed as a company if
the REIT is not widely held, or where it is widely held, its
In addition, recent tax changes have given an impetus to business activities are limited to earning passive income,
foreign investors entering the market, including foreign such as rent, and not operating a business. A-REITs can
pension and sovereign wealth funds. There has been generally satisfy these requirements.
significant investment by Singapore REITs, north Asian
pension funds and other Asian investment funds. • Is there any tax pass-through to the investors?
Identify any significant factors that may/will impact upon Tax deferred income (broadly where the taxable
the development of the REIT market in the jurisdiction, component of a REIT distribution is less than the amount
such as: of its actual or accounting distribution) is not ordinarily
included in an investor’s annual assessable income.
Land ownership: However, tax deferred income will reduce an investor’s
capital gains tax (CGT) cost base in the units, meaning that
• Are there any restrictions on foreign ownership?
an investor will pay tax on such reduced cost base at the
The Foreign Acquisition and Takeovers Act 1975 (Cth) time of disposal (although at the concessional capital gains
(FATA) requires that notice be given to the Foreign tax rate).
Investment Review Board (FIRB) whenever there is an
• Are there any other tax incentives for REITs?
acquisition of an interest in Australian urban land (or urban
land corporation or trust) by a substantial foreign interest, No specific tax concessions.
and powers are conferred to restrict such investments.
• Is stamp duty applicable?
A “substantial foreign interest” is defined in section 9A of
the FATA as where a single foreigner (and any associates) Stamp duty is payable by REITs on the acquisition of
has 15% or more of the ownership or several foreigners properties, and usually on the acquisition or issue of equity
(and any associates) have 40% or more in aggregate of the in non-widely held REITs.
ownership of any corporation, business or trust. • Is withholding tax applicable?
A limited range of exemptions apply to various persons, Generally, withholding tax can be payable on distributions
including US investors. of Australian sourced gains to non-residents at the top
Licensing/approval of the entity managing the REIT (the marginal rate of tax relevant to the non-resident. Under
“Manager”): the Managed Investment Trust (MIT) regime, initially
introduced in June 2008, from 1 July 2010 “fund payments”
• Is the Manager external or owned by the REIT? made to an MIT to a member of the scheme located in
a foreign country that is an Exchange of Information
Management may be either external or internal. Where
jurisdiction is subject to a final tax liability of 7.5%. The
management is internal, the Manager of the REIT is
requirements for a REIT to qualify for concessional tax
generally owned by another company, the shares of which
treatment under the MIT regime are complex, and include
are stapled to a unit in the REIT.
having an Australian resident trustee, being a “managed
• Does the Manager need to be licensed and what are investment scheme” under the Corporations Act, being
the more significant criteria for the licence/approval? “widely held” (which is defined in a particular manner with
further complex requirements), and having investment
Section 601FA of the Corporations Act requires the management activities in Australia.
operator of a REIT that is registered, to be a public
company and hold an Australian Financial Services Licence
(AFSL). An AFSL will generally be granted if the applicant
Licensing/approval of the entity managing the REIT (the • Is withholding tax applicable?
“Manager”): There is no withholding tax on distributions paid by a HK-
• Is the Manager external or owned by the REIT? REIT.
When was the REIT regime introduced? • Are there any restrictions on foreign investment in real
estate?
India does not have an existing regime for REITs in India
(I-REITs). Subject to very limited exceptions, the Foreign Exchange
Management (Acquisition and Transfer of Property in
The Securities and Exchange Board of India (SEBI) has India) Regulations issued by the Reserve Bank of India
been contemplating the introduction of an I-REIT regime under the Foreign Exchange Management Act 1999
in India, and issued Draft Real Estate Investment Trusts restrict foreign ownership of immovable property in India.
Regulations (Draft Regulations) in 2007. While media
reports have indicated that the final regulations may be Licensing/approval of the entity managing the REIT (the
issued in the short term, SEBI is yet to advise. “Manager”):
In the interim, under the SEBI (Mutual Funds) • Is the Manager external or owned by the REIT?
(Amendment) Regulations 2008 (REMF Regulations) A REIMC need not necessarily be independent of
Real Estate Mutual Funds (REMF) may invest directly or the I-REIT. However, the REIMC must be a company
indirectly in real estate assets provided certain criteria are incorporated under the Indian Companies Act 1956 and
met. be registered with SEBI.
Is there a regulatory framework and, in particular, a • Does the Manager need to be licensed and what are
separate regime for REITs apart from that for listed the more significant criteria for the licence/approval?
entities in general?
The REIMC must be registered with SEBI. Some significant
There is currently a proposal to have a separate regime registration criteria include minimum net asset values,
for I-REITs. directors and key personnel (with particular expertise and
The Draft Regulations provide that Real Estate Investment qualifications), and independence requirements including
Management Companies (REIMCs) registered with the that at least 50% of REIMC directors are independent and
SEBI can manage schemes under a real estate investment the management of the I-REIT and the management of
trust (i.e. the I-REIT). REIMC must be independent of each other.
All schemes launched by the I-REIT under the Draft Foreign investment:
Regulations will be required to obtain a rating from a • Are there any restrictions on foreign investment in real
credit agency and units of the scheme will have to be estate?
listed.
See “land ownership” above.
The I-REIT must submit certain information to the relevant
stock exchanges and the investors, and comply with Income/profit tax etc:
obligations under listing agreements.
• Is there any tax exemption at the REIT level for the
No I-REIT, under all its schemes, shall have exposure REIT’s income/ profits?
to more than 15% of any single real estate project, and
Tax implications are yet to be settled.
schemes are prohibited from investing in vacant land
or engaging or participating in property development • Is stamp duty applicable?
activities.
Stamp duty rates on conveyance of immovable property
A scheme is required to distribute not less than 90% of its in India are high and depend on the State in which the
annual net after tax income each year. REIT is operational and acquires real estate.
Identify any significant factors that may/will impact • Is withholding tax applicable?
upon the development of the REIT market in the
jurisdiction, such as: Tax implications are yet to be settled.
When was the REIT regime introduced? If the seller is a taxable entrepreneur for VAT purposes the
sale of land will also be subject to 10% VAT.
A REIT regime was formally introduced by the Indonesian
Capital Markets and Financial Institutions Supervisory In addition, if the real estate property qualifies as
Agency (Bapepam – LK) on 18 December 2007 by issuing “luxurious properties”, the transfer will also be subject to
four regulations (Regulations) on Real Estate Investment Luxury Goods Sales Tax of 20%. The criteria for “luxurious
Funds (REIF). properties” are as follows:
Is there a regulatory framework and, in particular, a (a) houses and town houses from types of non-strata title
separate regime for REITs apart from that for listed with an area of 350m2 or more; or
entities in general?
(b) apartments, condominiums, town houses, and others
The Regulations allow:
from types of strata title with an area of 150 m2.
(a) a REIF the option to be listed on the Indonesia Stock
Licensing/approval of the entity managing the REIT (the
Exchange (IDX). Listed REIFs will be subject to the
“Manager”):
listing rules of the IDX;
• Is the Manager external or owned by the REIT?
(b) REIFs to invest only in (i) Indonesian real estate (Real
Estate Assets), (ii) securities of real estate companies External. The Investment Manager establishing the REIF
(which may be listed on the IDX) (Assets related to must be independent from the REIF.
Real Estate), and (iii) cash or cash equivalents; and
• Does the Manager need to be licensed and what are
(c) REIFs to invest directly or indirectly through a special the more significant criteria for the licence/approval?
purpose company (SPC).
An Investment Manager must be licensed by Bapepam-LK.
In managing REIFs, an Investment Manager must ensure
that the proportion of the REIF’s portfolio is as follows: Foreign investment:
• Are there any restrictions on foreign investment in real
(a) Real Estate Assets must comprise at least 50% of the
estate?
REIF’s Net Assets Value (NAV);
In Indonesia, investment in real estate may be 100% foreign
(b) if the REIF invests in a combination of Real Estate
owned. However, foreign investments in Indonesia must be
Assets and Assets related to Real Estate, then such
through the establishment of an Indonesian limited liability
combination must comprise at least 80% of the REIF’s
company.
NAV, in which the investment in Real Estate Assets
must comply with (a) above; and Income/profit tax etc
(c) investments in cash must not comprise more than 20% • Is there any tax exemption at the REIT level for the
of the REIF’s NAV. REIT’s income/profits?
Have there been recent deals and regulatory or other Indonesian tax regulations do not specifically stipulate any
developments? special tax treatment for REIFs. Normal tax treatment may
Due to the absence of further regulations in the relevant apply to REIFs, and there could be double taxation issues
sectors, recent REIF deals involving properties in Indonesia that would need to be examined on a case-by-case basis.
were effected through offshore REIFs, e.g. an A-REIT in • Is there any tax pass-through to the investors?
Singapore that holds assets in Indonesia through an SPV.
No specific stipulation on tax pass-through to the investors
Identify any significant factors that may/will impact upon for a REIF.
the development of the REIT market in the jurisdiction,
such as: • Are there any other tax incentives for REITs?
Land ownership: No specific tax incentives for a REIF.
• Are there any restrictions on foreign ownership? • Is stamp duty applicable?
Yes. Under Indonesian land regulations, acquisition of title Stamp duty is applicable on documentation sought to be
to real property assets will require a REIF to complete such relied upon in Indonesian courts.
acquisition through an SPC established under Indonesian
law. In general, Indonesian land law requires an individual Currently, the nominal amount of the Indonesian stamp
or an Indonesian legal entity to hold title to land. duty is maximum Rp.6,000. Generally, the stamp duty is
due to be paid when the documents are executed. The
Under Indonesian law, (i) the Government does not stamp duty regulation specifies that the stamp duty for
guarantee land title, and (ii) an Indonesian legal entity documents executed outside Indonesia must be paid at the
is only eligible to acquire leasehold land title from the time the documents are used in Indonesia (post-stamping).
Government for a certain period of time (which varies
depending on the land title involved). • Is withholding tax applicable?
Further, in a property transfer transaction, a 5% final No.
income tax (payable by seller) and a 5% final land transfer
Is there a regulatory framework and, in particular, a No. However, more than 50% REIT shares must be held by
separate regime for REITs apart from that for listed domestic investors.
entities in general? Foreign exchange control:
Japanese Real Estate Investment Trusts (J‑REITs) are • Are there any foreign exchange controls?
companies dedicated to owning and operating income- Yes.
producing real estate, including office, residential,
commercial and other buildings. Income/profit tax etc:
J-REITs are subject to high disclosure standards and a • Is there any tax exemption at the REIT level for the
strict structural framework based on laws and regulations, REIT’s income/profits?
including Tokyo Stock Exchange (TSE) listing rules. If a J-REIT pays out 90% or more of its retained earnings as
Currently, all publicly listed J-REITs are of the company dividends, those dividends will be deductible for corporate
type and closed-end (unitholders having no redemption tax purposes.
right).
• Is there any tax pass-through to the investors?
A J-REIT has no employees and delegates real estate
business operations to an asset management firm, which No.
manages the asset portfolio according to the J-REIT’s
• Are there any other tax incentives for REITs?
investment policy.
There are tax benefits for individual investors in REITs that
The TSE’s listing criteria for J-REITs focus on the nature,
relate to dividend payments and capital gains. J-REITs pay
proportion and value of real estate assets held within the
a reduced amount of registration tax and property taxes at
J-REIT fund.
the time of acquisition of the property by the J‑REIT.
Have there been recent deals and regulatory or other
• Is stamp duty applicable?
developments?
One REIT asset manager set up an unlisted open-ended No.
investment corporation in March 2010. • Is withholding tax applicable?
TSE has accepted REIT acquisition of foreign property. Dividend: Yes.
Tax laws have changed the 90% distribution rule from a Capital Gain: Partly yes. An investor may elect 10%
taxable income test to an accounting retained earning test. withholding tax instead of tax filing.
Seven REIT merger transactions have completed since Identify any other factors may/will impact on the REIT
2010. As a result, the current number of listed J-REIT is 35. industry in the jurisdiction.
Identify any significant factors that may/will impact upon Convertible bonds are not allowed for J‑REITs. Currently,
the development of the REIT market in the jurisdiction, rights issues are very rare in Japan.
such as:
J-REITs may not hold 50% or more shares or interests in
Significant factors. another company or vehicle. One group company may not
The supply of property, property market condition, interest hold 50% or more of REIT shares (a tax law requirement).
rates, J-REIT yield rates, quality of the asset manager,
building quality, taxation of the REIT and property are all Identify alternative vehicles/investment structures.
significant to the development of the market. Theoretically, a trust structure is an acceptable alternative.
Land ownership:
• Are there any restrictions on foreign ownership?
No.
Licensing/approval of the entity managing the REIT (the
“Manager”):
• Is the Manager external or owned by the REIT?
External.
• Does the Manager need to be licensed and what are
the more significant criteria for the licence/approval?
Yes, a Financial Services Agency (FSA) licence is required.
The Singapore Code on Takeovers and Mergers and the • Is there any tax exemption at the REIT level for the
licensing regime set out in the SFA, now also applies to REIT’s income/profits?
S-REITs and their managers.
See above.
Identify any significant factors that may/will impact upon
the development of the REIT market in the jurisdiction, • Is there any tax pass-through to the investors?
such as: See above.
Land ownership:
• Are there any other tax incentives for REITs?
• Are there any restrictions on foreign ownership?
Qualifying S-REITs and wholly-owned Singapore subsidiaries
Certain restrictions exist in relation to residential property of qualifying S-REITs can enjoy income tax exemption on
under the Residential Property Act . certain foreign-sourced income until 31 March 2015.
Licensing/approval of the entity managing the REIT (the • Is stamp duty applicable?
“Manager”):
• Is the Manager external or owned by the REIT? Until 31 March 2015, qualifying S-REITs enjoy stamp duty
remission on the transfer of Singapore immovable property
Generally, a fund opting for the BT regime will have a single and the transfer of 100% of the issued share capital of a
Trustee-Manager, (a locally incorporated company) with the Singapore-incorporated company that holds immovable
roles of safeguarding the interests of the trust’s investors properties situated outside Singapore.
and managing the S-REIT.
In all other cases, normal stamp duty rules apply. Stamp
The SFA requires that a fund established as a CIS has a
manager and independent trustee. duty rates for transfers of Singapore immovable property
range from 1% to 3%.
• Does the Manager need to be licensed and what are the
more significant criteria for the licence/approval? • Is withholding tax applicable?
Trustee: if a fund is established as an authorised CIS, See “income/profit, tax etc” above.
• Are there any restrictions on foreign ownership? A Taiwan REIT is required to distribute at least 90% of
distributable income to its beneficiaries each year, and the
Foreigners are prohibited under the Land Law from owning dividends are subject to a flat withholding tax of 10% for
certain types of land, however a REIT/REAT will rarely domestic beneficiaries and 15% for foreign beneficiaries.
invest in those land types. Most REITs/REATs assets are
residential or commercial lands or buildings, which can be
owned by foreigners under Taiwanese laws.
Licensing/approval of the entity managing the REIT (the
“Manager”):
• Is the Manager external or owned by the REIT?
External – A professional institution appointed by the
trustee.
• Does the Manager need to be licensed and what are
the more significant criteria for the licence/approval?
Under the Draft Regulations, Thai REITs established in • Is there any tax pass-through to the investors?
Thailand are subject to the rules of the TSEC and must Pending finalisation.
be listed property trusts. The TSEC has indicated that the
regulations will likely be finalised by the end of the second • Are there any other tax incentives for REITs?
quarter of 2011.
Pending finalisation.
Trusts are regulated by the Trust for Transaction in Capital
• Is stamp duty applicable?
Market Act B.E. 2550 (2007) (TCMA).
Pending finalisation.
Have there been recent deals and regulatory or other
developments? • Is withholding tax applicable?
The TSEC has consulted on the Draft Regulations, the aim Pending finalisation.
of which is, among other things, to provide the process for
the establishment of Thai REITs and to set out permissible
investments for Thai REITs.
Identify any significant factors that may/will impact upon
the development of the REIT market in the jurisdiction, such
as:
Land ownership:
• Are there any restrictions on foreign ownership?
Yes. Subject to the conditions and procedures prescribed in
Ministerial Regulations and with the permission of the Minister
of the Interior, foreigners may own land. Other foreign land
ownership exceptions exist but are subject to not more than
49% of the shares in the company being owned by foreigners.
Licensing/approval of the entity managing the REIT (the
“Manager”):
• Is the Manager external or owned by the REIT?
External. The Draft Regulations require a REIT trustee to
appoint a “REIT Management Company”, which cannot be a
related party of that trustee.
• Does the Manager need to be licensed and what are the
more significant criteria for the licence/approval?
The TCMA and the Draft Regulations require that a REIT
trustee have certain qualifications, including being a
commercial bank or financial institution holding a minimum
registration amount, and holding a relevant license from
TSEC.
A REIT Management Company must hold a license, however
as the Draft Regulations are yet to be finalised the criteria
for holding such a license have not been settled. In their
form at the time of writing, the Draft Regulations require
that the REIT Management Company meet certain relevant
experience requirements, be approved by TSEC, and not be a
related party of the REIT trustee.
Foreign investment:
• Are there any restrictions on foreign investment in real
estate?
• A closed (public) fund is not allowed to invest more • Are there any restrictions on foreign investment in real
than 10% of its total asset value in real estate. estate?
Background, Respondents Profle and Survey Results sections ©The Trust Company 2011. All rights reserved.
Country Summary and Legal Update sections ©Baker & McKenzie 2011. All rights reserved.
The Country Summaries and Legal Update in this Survey have been prepared by Baker & McKenzie offices in each jurisdiction named in
this Survey, except for Korea and India, which were prepared by our correspondent law firms Kim, Choi and Lim (in respect of Korea), and
Economic Laws Practice (in respect of India).
This Survey has been prepared for clients and professional associates of Baker & McKenzie and The Trust Company. Whilst every effort has
been made to ensure accuracy, no responsibility can be accepted for errors and omissions, however caused. The information contained in this
publication should not be relied on as investment, taxation or legal advice and should not be regarded as a substitute for detailed advice in
individual cases. No responsibility for any loss occasioned to any person acting or refraining from action as a result of material in this Survey is
accepted by individual authors, Baker & McKenzie or The Trust Company. If advice concerning individual problems or other expert assistance is
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