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2010

2
2
3
3

1.
1.1 -
1.2
1.3

5
5
5
7
9
10
11

2.
2.1 -
2.2
2.3
2.4
2.5
2.6

16
16
18
19

3.
3.1
3.2
3.3

20
20
20
21
21
22
23
23

4.
4.1
4.2
4.3
4.4
4.5
4.6 171
4.7

24
24
24
25
25
27

5.
5.1
5.2
5.3
5.4
5.5

28
28
28
29
33
34
34
35
37

6.
6.1
6.2
6.3
6.4
6.5
6.6
6.7
6.8

38
38
40
43

7.
7.1 REITs
7.2
7.3

46

47

2010

2010

2010

2010215

Oliver Farnworth

20103

1.

2009

2009
36,230
2008

2009
57,1282008

11,293.0
470.0

1.1 -
2009

2009

2009
20097

2009

2009

20094

4.5-6.0%

5.0-6.0%

4.5-6.0%

6.0-7.0%

7.0-8.0%

4.0-6.0%

8.0-9.0%

8.5-10.0%

5.6-7.6%

2.2-4.0%

6.0-8.0%

N/A

3.0%

2.7%

3.8%

5.8%

3.5-4.0%

5.5-6.5%

3.8-4.3%

5.5-6.0%

3.9%

2.2%

6.3%

5.3%

* - /
^ - /
CBRE

1.2

1)

/
/

2)

3)

4)

5)
20062007

6)

2008

2009228
200910
1

1.3
2009

20081011

1.51.0

901.5

0.05%

40

20

90
20%
90
30
40%

85

70

85%

200912
3.33
3.87
200812

20097

200912

25

20086
20101122010
118

22
25

4.77%
5.22%
200712

2010

2.

2.1 -

2006215

IFRS
200711

2.2

199371

2.2.1

1)

2)

3)

2.2.2

1)

2)

3)

2.3

200638
16
IFRS

SOE

2.3.1 3 -

3
-

2.3.1.1
1)
3 -


4 -

1 -
15
-

21 -

2)

2008

200911

200910

2.3.2

17 - 14
-

1)

i.

ii.
iii.

200911

2)

2.4

:
2.4.1 15 -
IFRIC 15
15
IFRIC

2.3.2-2)

IFRIC 15

2.4.2

20095

18

10

2 -

16 -

1121
18
14(b)(iii)

38 -

2.5

2.6

200911







2.6.1
200840

40

16 -

200911

2.6.2
2.6.2.1
15
20088
15 -
3 - -
18

15
200911

15

15

15

15

(a)
11 - 18

(b)

200910

11

11
18?
3
113
-

11
18

3,

1814

2.6.2.2 18
15

18

18
14
1814
15
18

12

15
1814
2008

15
1814

2.6.3
2.6.3.1 23 -

2007
23 -

200911

A2008
B20091231
A
111231

2.6.3.2 23 -

2008
23

39 -

23
39

39

200911

2.6.4

20095

18

2 -

16 -

11
2118
14(b)(iii)

38 -

13

2.6.4.1

386969A1

2.6.5
200917

1715

1715

15
15A
177 - 13

[177]

1 2008

3869

3869A

200911

14

[
178]

[
1710]1710

[
1710(d)]

17

201011

2.6.6
20098

40
4040

40

20091124

15

3.

3.1
3.1.1

3.1.2

3.1.3
2009

546
20091
1200911

2009

16

3.1.4

20081372008
111

i.
ii.

iii.

iv.
v.

3.2

3.1.5

198820061231

2007
11

1988

2008226

200711

45

40

35

30

25

22.5

20

1.5

0.2197 30

4.3935

1.2

0.1757 24

3.5148

0.9

0.1318 18

2.6361

12.5

0.6

0.0879 12

1.7574

20091231
6.82821
2006

3.1.6

200811

*/

1050

12

840

23

630

525

17.5

3.1.7

5
3.1.8
2008
2008
11

*1 = 667

17

200811

3.2
3.2.1
90
1994

i.

90

2004

2006

[2006]187

2009
200991
200961

18

i.
ii.

iii.

90

ii.

iii.

iv.
iii

90
91

3.2.2

2009
200931200811
31

i.

ii.

iii.

iv.

i.

ii.
iii.

3.3

2003

2003/

2007
/

2008

2008
20102015

20095
2009

19

4.

4.1

2006
2007

2008

20086200823

2008

4.2

4.2.1 171
20067

[2006]171171

171

171

1995

20

4.2.2 50130
171
2007

50130

200752350[2007]
50

710130[2007]130

4.2.3 2007
200710
2007
(2)
2007 12 1
20041130
(2004)

478

4.3
171
171

171171

171

10%

25%

25%

10%

5%

2008
11

2008
11

10%

25%

25%


10%

4.4
171
50

50

/
50

50
08623
50

21

4.5
4.5.1
171171

2:1171
1,000

1:1
1,000

300

70%

3001,000

210/
50%

1,000

50%

4.5.2

171

22

130076107
61

07610761

130

4.5.3
171

4.5.4

200811

2008
9
[2008]121121

51
21

200918
[2009]2

130
171

4.5.5
171

i.
ii.
iii.

4.6 171

4.7
23

4.5.6
171

23

5.

5.1


- -

- -

- - -

24

5.2

200811

30
- [2009] 698
698

5.3

698

(1)
(2)

30

10

5.4

25

200711

26

5.5

27

6.

6.1
171

2008

6.2
6.2.1

28

6.2.2

6.3
6.3.1

171

6.3.2

(a)
(b)
(c)

2006
2007
61

2009122
5673567

201031

(i)
(ii)


flow through
treatment

3 567

2009122

29

2008
1223[2008]159
-
159159

159200811

159

159

159

6.3.3

30

6.3.3.1

200811

20102102010
218

201111

6.2

6.2

6.3.3.2
6.1

check-the-box

6.3.4

6.1

31

2009
18[2009]2

200811

200811

(GAAR)

20081230
[2008]1076 1076

1076

[2009]601 -

32

6.3.4.1
2009824[2009]124

124
124

124

124

124

6.3.4.2
124
20091027
[2009]601601

601
601

- 601

- 601

601

6.4

2007
50

- 601

601

601

601

6.3.4.3

2009
1215[2009]6985

6.6.3

200811

5 [2009]698 -

33

6.5

6.6

34

6.6.1

2007212006187
187

6.6.2

6.6.3 - 698
698

(GAAR)698

698

30

GAAR

6982008
11

698

7
698

6.7

698

GAAR

35

6.7.1
6.3
6.3:

6.7.2

6.7.2.1
PE

200811

200811

36

2009

6.7.2.2

6.7.2.3

620
7

6.8

4,000

2008

7 [2009]363

200976

37

7.

7.1 REITs
REITs

REITs

2009

REIT
REITs
, REIT

REIT

REIT

7.1.1

REIT2008128

18REIT

REIT2009
3

201014

REITs

REITs
11
REITs

7.1.2 REIT
REITs
REIT

38

REIT
REIT

REIT

REIT
REIT

REIT

7.1.3 REIT
1
REIT

REIT

REIT

REIT

REIT
REIT
REIT
REIT

2
REIT

REIT

REIT
REIT

REIT

3
REIT
REIT
REIT

REIT

REIT

4
REIT

REIT

REIT

REIT

5
REIT
REITREIT
REIT

REIT
REIT

7.1.4 REITs -
7.1.4.1
REIT

REIT

REIT

7.1.4.2

REITs

REIT

REIT
REIT

REIT
REIT

REITs
REITs
- REIT
- REIT

- REIT

REITs

7.1.4.3
REIT

REITs

REITs
REIT

39

REITs
REIT
REIT

REIT

REITs

REITs
REITREIT

7.1.4.4
REITs

REITs

REIT

REIT

7.1.4.5

REITs
REIT
REITs

REITs
REIT

7.1.4.6
REITs

-
REIT

- REITs

- REIT

REITs

- REITs

REITs

40

7.2
7.2.1

7.2.2

2003

7.2.2.1
1
20093
1

7.2.2.2

7.2.2.3

[2003] 61

61

61

7.2.3

200912
5678

567

8 567

"-

: -

20091125

41

2010
247
9

567
201031

7.2.3.1

47

9 47

- :

20100129

42

7.2.3.2

142

7.2.3.3
[2008]159
159

159

(1)

(2) 159

(3) 159

a.
61

b.

[2000]91

200091

91

7.2.4

7.3
REIT

7.3.1
Shariah

2070

43

7.3.2

riba

Shariah

maysir
ghararShariah

haram

Shariah

Murabaha -

Musharaka -

musharaka

44

Mudaraba -
(rab-ul-mal)

(mudarib)
rab-ul-mal
Shariah
Ijara - ijara

Ijara

Istisna -

istisna

Sukuk - sukuk
sukuk
sukuk
-

Sukuk

Shariah

Shariah
sukukijaramusharaka
Shariah

7.3.3

sukuk
sukuk
2009225

- sukuk

sukuk

sukuk

sukuk

Shariah

Shariah

Shariah

Shariah
Shariah Shariah

Shariah

45

BT

CJV

DT

EJV

EIT

FIE

FEIT

IFRS

IFRIC
JV

LAT

M&A

MOC
PE

RE

RET

REIT

SAFE
SAT

SD

SOE

URET
UTLUT
WFOE

46

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