According to the above-mentioned provisions of the Property Law, the author's team understands that there is no prohibition on the provision of mortgage guarantees for third-party debts for the right to use state-owned construction land and construction projects under construction (i.e. buildings under construction), and the right to use state-owned construction land and construction in progress can provide collateral guarantees for third-party debts.

VAM clauses are already a familiar concept for professionals engaged in related fields. According to the Minutes of the Nine People, the so-called "VAM agreement" in practice, also known as the valuation adjustment agreement, refers to an agreement designed by the investor and the financier to solve the uncertainty, information asymmetry and agency cost of the target company, including equity repurchase, monetary compensation and other adjustments to the valuation of the future target company when the investor and the financier reach an equity financing agreement.

Legally, shareholders can distribute profits from the project company, provided that the project company meets the conditions for profit distribution. Pre-dividend is a concept created, which is a term for distributing shareholders under the conditions of non-compliance with profit distribution by the project company, and in essence, we understand that pre-dividend is the project company's lending of surplus funds to shareholders for use, and actually forming a current payment between shareholders and the project company.

Today, the Supreme People's Court held a press conference and officially issued the Provisions of the Supreme People's Court on Several Issues Concerning Representative Litigation in Securities Disputes (the "Provisions"). The Provisions are a strong response of the judiciary to the protection needs of investors in the domestic securities market, and an important part of implementing Article 95 of the newly amended Securities Law of the People's Republic of China and ensuring that the representative litigation system under Articles 53 and 54 of the Civil Procedure Law of the People's Republic of China is effectively implemented in the field of securities dispute litigation.

The Administrative Punishment Law of the People's Republic of China has been amended twice since its implementation on October 1, 1996, and this year it has been overhauled. The draft of the revised draft has been published in full on the Chinese website for public comment. One of the most interesting points of this revision is that the types of administrative punishments have been adjusted and some new types of punishments have been added.

01. Dismantling of the concept of "significant lack of capital"
Article 12 of the Minutes stipulates that a significant lack of capital refers to a significant mismatch between the amount of capital actually invested by shareholders in the company after the establishment of the company and the risks implied by the company's operation.

The crime of obstructing safe driving refers to the behavior of passengers using violence or snatching driving control devices against the driver of a moving public transport vehicle, interfering with the normal operation of the public transport, or the driver beating each other with others, endangering public safety.

In a legal sense, "revocation" refers to the extinguishment of the legal effect of "pre-existing events or acts" by the act of revocation. "Revocation" is a protective measure after "existing events or acts" infringe on one's legitimate rights and interests, and is a right to relief. So "revocation" is achieved by exercising the "right of revocation". "Revocation" is fundamentally different from "invalidity", "rescission" and "retrospectiveness".

Tomorrow and the unexpected we never know who will come first. In 2020, a sudden "epidemic" disrupted our peaceful life. At the same time, it also makes the "force majeure", which has always been regarded as a "supporting role" of the contract, break into the public's field of vision. Under the "epidemic", we have to re-examine "force majeure".