英文法律意见书

1、Chongqing Law Firm重庆律师事务所HAOWAY INVESTMENTS LIMITED Unregistered Senior Secured Debt Securities关于豪威投资有限公司未登记优先担保债券的 Attorneys Opinions法律意见书Doc. No: 2007 001债律字2005第Z/Y/001 号Chongqing, P. R. China中国重庆March 17, 2007二零零七年三月十七日 Chongqing Law Firm重庆律师事务所Re: HAOWAY INVESTMENTS LIMITED Unregistered Senior

2、Secured Debt Securities关于豪威投资有限公司未登记优先担保债券的 Attorney Opinion Letter法律意见书Dated on March 17, 2007二OO七年三月十七日Gentleman or Madam,敬启者：We, attorneys of Chongqing Law Firm, represents HAOWAY INVESTMENT LIMITED (HAOWAY) and Chongqing Gaoshan Real Estate Development Co. Ltd. (GAOSHAN) (our Clients), deliver o

3、ur opinion as follows: 重庆律师事务所（以下简称“本所”）受豪威公司（以下简称 “豪威公司”）的委托，就豪威公司未登记优先担保债券涉及的法律问题出具法律意见书。 According to (a) the European Parliaments Purvis Report; (b) the Post-FSAP Report on Asset Management; (c) CESRs mandate for the Asset Management Experts Group; (d) the IOSCO report on “Issues Arising from th

4、e Participation of Retail Investors in Hedge Funds” (e) Article 2 of Directive 2001/108/EC (amending the UCITS Undertakings for Collective Investment in Transferable Securities” or “UCITS investment fund” directive 85/611 on investments), we delivered these opinions based on the accepted professiona

5、l standards and regulations and on the principles of due diligence: 根据(a) 欧洲议会的Purvis报告，(b) 关于资产管理的后FSAP报告，(c) 欧洲证券管理委员会对于资产管理专家小组的强制要求，(d) 国际证监会组织关于“零散投资人参与对冲基金有关问题”的报告，(e) 欧盟第2001/108/EC号指令第2条（关于修订UCITS 可转让证券集合投资事业，也称证券投资基金投资的第85/611号指令等有关法律法规的规定，本所按照律师行业公认的业务标准、道德规范和勤勉尽责的精神出具本法律意见书。 As for this d

6、ocument, we hereby make following representations:对本所出具的本法律意见书，本所律师特作如下声明： 1.0 The basic legal requirements of these opinion include (a) the European Parliaments Purvis Report; (b) the Post-FSAP Report on Asset Management; (c) CESRs mandate for the Asset Management Experts Group; (d) the IOSCO repor

7、t on “Issues Arising from the Participation of Retail Investors in Hedge Funds” (e) Article 2 of Directive 2001/108/EC (amending the UCITS Undertakings for Collective Investment in Transferable Securities” or “UCITS investment fund” directive 85/611 on investments). And we delivered these opinions w

8、ith the existing facts and laws or regulations on or before the 5th day of March, 2007. 本所律师依据(a) 欧洲议会的Purvis报告，(b) 关于资产管理的后FSAP报告，(c) 欧洲证券管理委员会对于资产管理专家小组的强制要求，(d) 国际证监会组织关于“零散投资人参与对冲基金有关问题”的报告，(e) 欧盟第2001/108/EC号指令第2条（关于修订UCITS 可转让证券集合投资事业，也称证券投资基金投资的第85/611号指令及本法律意见书出具日以前已经发生或存在的事实以及法律、法规的有关规定发表法律

9、意见。2.0 HAOWAY pledges for supply of all facts, materials and testimonies which might be used for the background for these opinions, and further guarantees the truthfulness, integrity and accuracy thereof with no major misrepresentations. Any copies thereof shall be the same with the originals. 豪威公司保

10、证已经提供了本所律师认为作为出具本法律意见书所必需的全部有关事实材料、副本材料或者口头证言，且保证所提供材料的真实性、完整性和准确性，无重大遗漏及误导性陈述，所提供的复印件与原件具有一致性。3.0 We merely deliver these opinions regarding Unregistered Senior Secured Debt Securities of HAOWAY. Any data, information and conclusion of relevant reports and documents by other institutes involved sha

11、ll not be commented by this Firm. 本所律师仅就与豪威公司未登记优先担保债券涉及的有关法律问题发表法律意见。本法律意见书涉及到其他中介机构出具报告及相关文件中数据、意见及结论之处均为严格引述，并不表明本所及本所律师对这些数据、意见及结论的任何评价。 4.0 For any major facts without evidences, we make these opinions according to the representations of our Clients.在本法律意见书出具过程中，对于那些对本法律意见书至关重大但已无法得到直接独立的证据支持的事

12、实，本所律师依据委托人的有关陈述出具相关的法律意见。 5.0 We do agree that HAOWAY may make reference to the opinion or conclusion of these opinions in Offering Memorandum of Unregistered Senior Secured Debt Securities and any other documents. However, no reference shall be made in misleading way. Unless otherwise addressed he

13、rein, all the terms in these opinions shall be used, defined and explained in the same meaning of those in Offering Memorandum. 本所律师同意豪威公司在豪威公司未登记优先担保债券募集说明书中引用本法律意见书的有关意见及结论，但该引述不应采取任何可能导致对本法律意见书的理解出现偏差的方式进行。除非另有说明，本法律意见书和豪威公司未登记优先担保债券发行中使用、定义及解释的所有术语具有相同含义。 6.0 These opinions shall be only used fo

14、r Unregistered Senior Secured Debt Securities of HAOWAY. Any other purposes shall not be permitted. We agree to report these opinions attached with other required legal documents and to be responsible for these opinions. 本法律意见书仅供豪威公司未登记优先担保债券之目的使用，不得用作任何其他目的。本所律师同意将本法律意见书作为豪威公司未登记优先担保债券所必备的法定文件，随其他申

15、请材料一起上报，并依法对本法律意见所出具的法律意见承担责任。 We hereby make following attorneys opinions for Unregistered Senior Secured Debt Securities of HAOWAY: 本所律师现就豪威公司 未登记优先担保债券涉及的相关法律问题，出具如下法律意见： 7.0 HAOWAY is in good standing under the laws of the jurisdiction of its incorporation, has been duly incorporated, is validly

16、 existing as a corporation with corporate power and authority to own its property and to conduct its business as described in the Offering Documents and is duly qualified to transact business and is in good standing in the State of its formation;豪威公司是依法正式成立并有效存续的法人，符合其管辖地法律的各项规定，它有权力和授权拥有自有财产和开展发行文件

17、所述的业务，有充分的资格进行交易，符合其成立所在州的法律。8.0 The Commitment Letter has been duly authorized, executed and delivered by HAOWAY;豪威公司已适当授权、签署和交付承诺书；9.0 UNREGISTERED SENIOR SECURED DEBT SECURITIES has been duly authorized, executed and delivered by HAOWAY and, assuming the due authorization, execution and delivery

18、by Bordier, Cosba and Laroche Ltd. (“BCLL”), is a valid and binding agreement of HAOWAY, enforceable in accordance with its terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors rights generally and (ii) rights of acceleration and

19、 the availability of equitable remedies may be limited by equitable principles of general applicability;豪威公司已适当授权、签署和交付未登记优先担保债券，如果得到BCLL公司的适当授权、签署和交付，则成为豪威公司的合法有效协议，可以据其条款实施，以下情况除外：(i)其实施受到破产法、停业清理法或其他影响债券人一般权利的法律限制，以及(ii) 要求加速还款的权利与可获得的衡平救济可能受制于一般适用的衡平救济原则；10.0 The Offered Securities have been dul

20、y authorized; the Offered Securities have been executed and, assuming they have been duly authenticated by a duly authorized officer of HAOWAY, delivered by HAOWAY; the Offered Securities constitute, when executed, authenticated, issued and delivered in the manner provided in the Terms Agreement and

21、 sold pursuant to Resale Contracts, will constitute, valid and binding obligations of HAOWAY, enforceable in accordance with their respective terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors rights generally and (ii) rights o

22、f acceleration and the availability of equitable remedies may be limited by equitable principles of general applicability;发行证券已经获得适当授权与执行，并已经得到有适当授权的豪威公司官员证实并交付；发行证券在以条款协议规定的方式执行、证实、发行和交付，并已依照转售合同售出，则成为豪威公司的合法有效合同，可以据其各自条款实施，以下情况除外：(i)其实施受到破产法、停业清理法或其他影响债券人一般权利的法律限制，以及(ii) 要求加速还款的权利与可获得的衡平救济可能受制于一般适

23、用的衡平救济原则；11.0 The execution and delivery by HAOWAY of the Commitment Letter, UNREGISTERED SENIOR SECURED DEBT SECURITIES, the Terms Agreement (when executed and delivered) the Offered Securities, and the performance by HAOWAY of its obligations under the Commitment Letter (including the provisions o

24、f UNREGISTERED SENIOR SECURED DEBT SECURITIES), Terms Agreement, the Offered Securities will not contravene any provision of applicable law that we has, in the exercise of customary professional diligence, recognized as applicable to HAOWAY or any of its subsidiaries or to transactions of the type c

25、ontemplated by the Commitment Letter (including the provisions of UNREGISTERED SENIOR SECURED DEBT SECURITIES), or the certificate of incorporation or by-laws of HAOWAY or, to the best of our knowledge, any agreement or other instrument binding upon HAOWAY or any of its subsidiaries that is material

26、 to HAOWAY and its subsidiaries taken as a whole, or, to the best of our knowledge, any judgment, order or decree of any governmental body, agency or court having jurisdiction over HAOWAY or any subsidiary, and no consent, approval, authorization or order of, or qualification with, any governmental

27、body or agency is required for the performance by HAOWAY of its obligations under the Commitment Letter (including the provisions of UNREGISTERED SENIOR SECURED DEBT SECURITIES), The Terms Agreement, and the Offered Securities.豪威公司签署与交付承诺书、未登记担保优先债券、拟发行证券之条款协议（在被执行和交付的情况下），履行豪威公司在承诺书（及未登记担保优先债券条款）、未

28、登记担保优先债券、拟发行证券之条款协议项下的义务，不会违反本所律师在正常执业过程中认为适用于豪威公司或其子公司的法律；或承诺书（及未登记担保优先债券条款）或豪威公司章程、或豪威公司议事程序；或据本所律师所知对豪威公司及其子公司整体有重大意义的有效协议或契约；或据本所律师所知与判断，任何政府组织、机构或对豪威公司及其子公司有管辖权的法庭颁布的法令或指令，不要求豪威公司履行其在承诺书（及未登记担保优先债券条款）、条款协议、拟发行证券项下的义务时，需要获得该政府组织、机构的同意、批准、授权或命令以及资格认定。12.0 To the best of our knowledge, neither HAO

29、WAY nor any of its subsidiaries has received any notice of infringement of or conflict with asserted rights of others with respect to any intellectual property rights employed by them in connection with the business operated by HAOWAY or its subsidiaries which, singly or in the aggregate, if the sub

30、ject of an unfavorable decision, ruling or finding, would result in any material adverse change, or notice of any other development with respect to the foregoing involving a prospective material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business

31、 prospects of HAOWAY and its subsidiaries, taken as a whole, except as may be disclosed in writing by HAOWAY to, and accepted for exclusion by, the Underwriters;据本所律师所知，豪威公司或其子公司均未接到任何宣称豪威公司或其子公司运营过程中所使用的知识产权侵犯或违反他人享有的知识产权的通知，且此类通知标的物如果遭到不利裁定、裁决或判决将会导致重大负面变动；或者上述情况的将演化成导致豪威公司及其子公司整体的财务或其他状况、收益、业务或业务

32、前景发生重大不利变化的事件，但豪威公司可能书面披露并经承销人接受为例外的除外。13.0 The statements (1) in the Offered Securities, and (2) in the Offering Documents, in each case insofar as such statements constitute summaries of the legal matters, documents or proceedings referred to therein, fairly present, in all material respects, the

33、information called for with respect to such legal matters, documents and proceedings and fairly summarize, in all material respects, the matters referred to therein;发行证券与发行文件中的报表，只要构成对其中提到的法律事务、文件或程序的摘要，应当公平说明所有提到的该法律事务、文件或程序的所有重大方面的信息，并公平总结对其中提到事物的所有重大方面。14.0 To the best of our knowledge, there are

34、 no legal or governmental proceedings pending or threatened to which HAOWAY or any of its subsidiaries is a party or to which any of the properties of HAOWAY or any of its subsidiaries is subject or any developments in such proceedings that are required to be described or incorporated therein by ref

35、erence, in the Offering Documents, as then amended or supplemented, and are not so described or incorporated therein by reference, or of any statutes, regulations, contracts or other documents that are required to be described in this Offering or to be filed or incorporated by reference as exhibits

36、to such Offering Documents that are not so described or filed or incorporated as required;据本所律师所知，不存在以豪威公司或其任何子公司为一方或其财产受影响的任何未决的或受威胁的政府程序，不需要在发行文件中引用或包括在发行文件中没有引用或者描述的上述事件或其修改或补充，也不存在任何目前没有被要求描述、备案、引用的法律、规则、合同或其他文件被要求在本发行文件中说明，或被要求备案或被要求在发行文件中作为附件。 15.0 HAOWAY is not an investment company or an ent

37、ity controlled by an investment company, as such terms are defined in the Investment Company Act of 1940, as amended;豪威公司不是1940年投资公司法及其修订所定义的“投资公司”，或者为“投资公司”所“控制”的实体；16.0 The Offering Documents have become effective, as then amended or supplemented, have been filed as required hereunder or subject t

38、o an exemption from filing; and to the best knowledge of we no stop order suspending the effectiveness of the Offering Documents has been issued and no proceeding for that purpose has been instituted or threatened by the United States Security and Exchange Commission (Commission”), any other governm

39、ental agency, HAOWAYs Board of Directors or Shareholders;发行文件在修订或补充之后已经生效，已经依照未登记担保优先债券的要求备案，或获得免于备案；且据本所律师所知，美国证券交易管理委员会（下称“美国证管会”）或其他政府组织、豪威公司董事会股东没有签发终止发行文件效力的命令，且也没有设立或可能设立这种程序；17.0 We (1) are of the opinion that each document, if any, filed pursuant to the Commitment Letter and UNREGISTERED SEN

40、IOR SECURED DEBT SECURITIES and incorporated by reference in the Offering Documents (except for financial statements, schedules and other financial data included therein as to which we need not express any opinion), complied when so filed as to form in all material respects with the Commitment Lette

41、r and UNREGISTERED SENIOR SECURED DEBT SECURITIES, and (2) is of the opinion that the Offering Documents, as then amended or supplemented (excepted for financial statements, schedules and other financial data included therein as to which we need not express any opinion), comply as to form in all mat

42、erial respects with the Act, the rules and regulations of the Commission there under and all governmental agencies that HAOWAY is or may be associated with; and本所律师同时认为：(1)根据承诺书以及未登记担保优先债券备案并在发行文件中引用（财务报表、附件以及律师不需发表意见的其他财务数据除外）的每份文件（如果有的话），备案的格式在所有重大方面都都符合承诺书以及未登记担保优先债券的要求；且(2)发行文件所有的文件及所有修改或补充（财务报表

43、、附件以及律师不需发表意见的其他财务数据除外），格式在所有重大方面都符合证券法、美国证管会已发布的实施细则与条例以及与豪威公司有关或将关联的政府组织规定要求；且18.0 No facts have come to our attention that would lead us to believe that (1) (except for financial statements, schedules and other financial data as to which we need not express any belief) each part of the Offering D

44、ocuments, if applicable, when such part became effective contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and (2) (except for financial statements, schedules and other finan

45、cial data as to which we need not express any belief) the Offering Documents, as then amended or supplemented, if applicable, as of the date such opinion is delivered contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements therein,

46、 in the light of the circumstances under which they were made, not misleading.本所律师没有发现导致律师产生下列认定的事实：(1)发行文件的各部分（财务报表、附件以及律师不需发表意见的其他财务数据除外），在生效之时包含有对任何重大事实的不实陈述，或遗漏任何为避免误导的重大事实，以及(2)发行文件或修正或补充（财务报表、附件以及律师不需发表意见的其他财务数据除外），在该意见书交付之日包含有对任何重大事实的不实陈述，或遗漏任何为避免误导的重大事实。We, as the counsels of HAOWAY, do repr

47、esent as follows:本所律师，同时作为豪威公司的法律顾问，声明如下： 19.0 HAOWAY is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification;豪威公司有充分的资格进行交易，且符合经营、拥有或租赁财产所要求的各项规定。20.0 Based upon our

48、opinions, each of the subsidiaries of HAOWAY meeting the definition of Significant Subsidiary under Regulation of the Commission has been duly incorporated, is validly existing as a corporation in good standing under the laws of the jurisdiction of its incorporation, has the corporate power and auth

49、ority to own its property and to conduct its business as described in the Offering Documents, as then amended or supplemented, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires

50、 such qualification;基于本所律师意见，所有符合美国证管会规定的“重要子公司”定义的子公司都是依法正式成立并有效存续的法人，符合其管辖地法律的各项规定，有权力和授权拥有自有财产和开展发行文件及其修订所述的业务，有充分的资格进行交易，符合经营、拥有或租赁财产所要求的各项规定；21.0 The execution and delivery by HAOWAY of, and the performance by HAOWAY of its obligations under, the Commitment Letter (including the provisions of U

51、NREGISTERED SENIOR SECURED DEBT SECURITIES), the Offered Securities and the Term Agreement will not contravene any agreement or other instrument binding upon HAOWAY or any of its subsidiaries, individually or in the aggregate, to HAOWAY and its subsidiaries, taken as a whole, or any judgment, order

52、or decree of any governmental body, agency or court having jurisdiction over HAOWAY or any subsidiary, and no consent, approval, authorization or order of or qualification with any governmental body or agency is required for the performance by HAOWAY of its obligations under the Commitment Letter (i

53、ncluding the provisions of UNREGISTERED SENIOR SECURED DEBT SECURITIES), the Offered Securities and the Term Agreement;豪威公司签署与交付或承诺书（及未登记担保优先债券条款）、拟发行证券以及未登记担保优先债券，或履行它们项下的义务，不违反对豪威公司及其子公司个体或整体，或整个豪威公司与子公司有重大意义的有效协议或契约，也不违反任何政府组织、机构或对豪威公司及其子公司有管辖权的法庭颁布的裁决、法令或指令，并且这些法令或指令不要求豪威公司履行其在承诺书（及未登记担保优先债券条款）、

54、拟发行证券及条款协议项下的义务时，需要获得该政府组织、机构的同意、批准、授权或命令以及资格认定。22.0 HAOWAY and its subsidiaries own or possess the intellectual property rights employed by them in connection with the business operated by them, and neither HAOWAY and its subsidiaries has received any notice of infringement of or conflict with asse

55、rted rights of others with respect to any of the foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding would result in any material adverse change, or notice of any other development with respect to the foregoing involving a prospective material ad

56、verse change, in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of HAOWAY and its subsidiaries, taken as a whole, except as may be disclosed in writing by HAOWAY to, and accepted for exclusion by, the Underwriters;豪威公司及其子公司拥有或占有运营中所使用的知识产权，且豪威公司或其子公

57、司均未接到任何宣称侵犯或违反他人知识产权的通知，此类通知标的物如果单独或整体遭到不利决定、裁决或判决将会导致重大负面变动；或者上述情况的将演化成导致豪威公司及其子公司整体的财务或其他状况、收益、业务或业务前景发生重大不利变化的事件，但豪威公司书面披露并经承销人接受为例外的除外；23.0 There are no legal or governmental proceedings pending or threatened to HAOWAY to which HAOWAY or any of its subsidiaries is a party or to which any of the

58、properties of HAOWAY or any of its subsidiaries is subject or any development in such proceedings that are required to be described in the Offering Documents, as then amended or supplemented, and are not so described, or of any statutes, regulations, contracts or other documents that are required to be described in the Offering Documents, as then amended or supplemented, or to be filed or incorporated by reference as exhibits to such Offering Documents that are not so described or filed or incorporated as required;不存在以豪威公司或其任何子公司为一方或其财产受影响的任何未决的或受威胁