Clifford Chance

Amendment to the Real Estate Joint Enterprise Act - Possible Expanded Application of the TK/GK Scheme

14 February 2014

On 20 December 2013, the Act to Amend the Real Estate Joint Enterprise Act came into effect. The impact of the Amendment Act should be carefully examined with respect to the possibility of expanding the use of the TK/GK scheme, under which a godo kaisha ("GK", i.e. a Japanese limited liability company) is incorporated as a special purpose company and funded by equity investors through a tokumei kumiai ("TK", i.e. a Japanese anonymous or silent partnership) agreement.

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