新华财经北京1月6日电据中国房地产估价师与房地产经纪人学会（以下简称"中房学"）官网消息，2025 年12月26日，中房学第五届会员代表大会在北京召开。来自全国各地近600位会员代表参加大会。住房 城乡建设部原党组成员、副部长姜万荣当选中房学第五届理事会会长。 大会选举产生了中房学第五届理事会理事、监事会监事，期间召开了中房学第五届理事会第一次会议、 第五届监事会第一次会议，选举产生了第五届理事会常务理事、负责人和第五届监事会负责人。 大会期间，特别邀请住房城乡建设部房地产市场监管司相关负责人，围绕传达学习全国住房城乡建设工 作会议精神作了专题报告。大会号召，房地产估价、经纪和住房租赁行业要深入学习领会、认真贯彻落 实全国住房城乡建设工作会议精神，在助力城市更新、推动房地产高质量发展、推进"好房子"建设中发 挥重要专业价值，为实现"十五五"良好开局作出贡献。 姜万荣代表第五届理事会发表讲话。他表示，新一届理事会将深入贯彻党的二十大及二十届历次全会、 中央经济工作会议等中央系列会议精神，紧扣住房城乡建设领域中心任务和改革发展方向，久久为功做 好房地产估价、经纪和租赁领域自律管理及房地产市场研究，重点做好以下几个 ...

Core Insights - Brazil, as the largest economy in Latin America, continues to attract strategic and financial investors due to its vast domestic market, rich natural resources, and strategic location in the Southern Hemisphere [1] - The country is undergoing significant tax reforms, including a comprehensive consumption tax reform that aligns with OECD standards, necessitating forward-looking financial and tax due diligence [1][3] Regulatory Environment - The merger and acquisition process in Brazil is more complex compared to jurisdictions like the US or Europe, requiring extensive documentation, additional regulatory approvals, and longer approval timelines [2] - Specific industries such as media, healthcare, and aviation have restrictions on foreign ownership or require special permits, impacting transaction structures and timelines [2] Tax Due Diligence - Tax due diligence (TDD) is critical in Brazil's evolving tax landscape, with three major structural reforms directly affecting valuation models and transaction agreements [3] - The transition from a fragmented VAT system to a dual VAT system (CBS/IBS) is set to begin in 2026, with significant implications for profit margins and working capital [3][10] Transfer Pricing and Global Minimum Tax - Starting January 1, 2024, Brazil will adopt OECD's arm's length principle for transfer pricing, expanding the scope to include services, intangible assets, and financial transactions [4] - The implementation of a qualified domestic minimum top-up tax (QDMTT) from January 1, 2025, will require companies with revenues exceeding €750 million to model effective tax rates and prepare compliance documentation [4] Employment Tax Risks - The Brazilian Supreme Court has paused litigation regarding the legality of hiring through personal service companies (PJs), which poses significant investment risks for industries reliant on contractors [8] - Potential liabilities related to employment taxes could arise if the court's final ruling is unfavorable, impacting cost structures and compliance obligations [8][15] Legal and Judicial Uncertainty - Court rulings can significantly affect tax treatment outcomes, necessitating careful evaluation of each tax dispute to determine refund eligibility and audit risks [7] - The dynamic nature of the CBS/IBS tax framework highlights the need for flexible pricing models and renegotiation clauses in sale and purchase agreements [7] Industry-Specific Considerations - In the consumer and retail sector, traditional pricing models based on ICMS-ST must be adjusted to comply with new CBS/IBS regulations [11] - The technology and digital industries must address historical risks and outdated contract structures while ensuring compliance with OECD transfer pricing rules [13] - The telecommunications sector will benefit from unified taxation rules under CBS/IBS, but transitional risks remain [14] Conclusion - Brazil's market presents attractive investment opportunities, but success hinges on the ability to navigate complex information and incorporate tax reforms, legal uncertainties, and employment tax risks into pricing considerations [17] - Effective tax due diligence is now a strategic tool that transforms complex situations into clear judgments, supporting decision-making processes [17]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [8]. Core Insights - The downward slope of various real estate indicators has expanded in October, with significant pressure on sales expected to continue through November and December due to high base effects. The need for further loosening of industrial policies has become increasingly evident as the pressure on both volume and price has intensified throughout the year [2][11]. - The report suggests that the most challenging phase may be nearing its end, with expectations of continued double-digit declines in construction and investment for 2025. However, sales performance will largely depend on the effectiveness of subsequent policy measures [11][12]. Summary by Sections Sales Performance - In the first ten months of 2025, national commodity housing sales value and area decreased by 9.6% and 6.8% year-on-year, respectively. In October alone, sales value and area fell by 24.3% and 18.8% year-on-year, indicating a significant contraction influenced by high base effects [11][12]. - The average selling price of new homes in October was 9,722 yuan per square meter, down 6.9% year-on-year, while the average price for residential properties was 10,286 yuan per square meter, down 6.2% year-on-year [12]. Construction Activity - New construction area in the first ten months of 2025 decreased by 19.8% year-on-year, with a sharper decline of 29.5% in October. The report notes that the decline in construction is primarily due to sales expectations, inventory digestion cycles, and funding pressures [11][12]. - The completed construction area also saw a year-on-year decline of 16.9% in the first ten months, with a 28.2% drop in October, indicating a continued downward trend [11][12]. Financial Conditions - Funding for real estate companies decreased by 9.7% year-on-year in the first ten months, with a notable 21.9% decline in October. This includes a 6.7% drop in domestic loans and a 17.2% decrease in self-raised funds [11][12]. - Real estate development investment fell by 14.7% year-on-year in the first ten months, with a 23.0% decline in October, reflecting ongoing financial pressures on the sector [11][12]. Investment Recommendations - The report recommends focusing on high-quality real estate companies with relatively low inventory pressure and strong product capabilities. It also suggests considering leading firms in commercial real estate, property management, and brokerage sectors for medium to long-term investment opportunities [2][11].

9月17日，日本一经纪公司社长因涉嫌长期猥亵旗下一名未成年女艺人被警方逮捕。报道称，该社长鸟 丸宽士涉嫌在2021年至2022年期间对受害女艺人实施猥亵。警方透露，鸟丸宽士以"拍照卖给粉丝"为 由，将受害女艺人引诱到酒店，并在酒店对受害女艺人实施12次猥亵。受害女艺人因担心反抗后无法继 续偶像生涯隐忍多年，于2025年3月报警。鸟丸宽士接受调查时承认实施猥亵行为，并称自己的本意是 与受害女艺人交往。 ...