Notice Regarding the Formulation of a 'Solicitation Checklist' for Real Estate Specified Joint Enterprises

The Real Estate Crowdfunding Association (Representative Director: Daizo Yokota; hereinafter "the Association") and the Real Estate Specified Joint Enterprise Council have formulated a Checklist for Product Solicitation Screens Related to Real Estate Specified Joint Enterprises (hereinafter "Solicitation Checklist") aimed at the sound development of the industry and investor protection.

This initiative was completed following discussions held over three sessions starting in September 2025 at the "Self-Regulation Rule Review Committee." By utilizing this checklist during product solicitation, operators can provide comprehensive information, thereby improving product transparency and serving as a guide for investors to make investment decisions after properly evaluating risks and returns.

■ About the Solicitation Checklist

The Solicitation Checklist is divided into sections for silent partnership types and voluntary partnership types, covering the following content:

【Yield Details, Display, Basis, and Product Type】

• Clear statement regarding taxes (withholding) on distributions and that the displayed yield is on a pre-tax basis.
• Explanation of the breakdown of projected yields and the source of funds for distributions.
• Clear statement of the basis for projected yields (breakdown of income/capital) and property-specific risks (vacancies, rent declines, etc.).
• Clear statement of the basis for projected sale prices (appraisal values, etc., or comparable transaction examples).
• Clear statement of product type (rental/development) and the presence of loans. *If loans are involved, it must be stated that loan repayment takes priority over repayment to investors.

【Related Party Transactions, Master Leases, and Re-solicitation】

• Identification of the target real estate (address, map, photos, etc.) and the rights held by the operator (ownership, leasehold, etc.).
• Clear statement of the specific use of funds (including uses other than property acquisition).
• Clear statement regarding the presence of related party transactions (including personal control relationships).
• Clear statement of past solicitation and redemption status in cases of re-solicitation (including multiple solicitations for the same property).

【Business Plan and Development】...