EB-5投资移民绿卡：拉斯维加斯万豪AC / Element双品牌酒店项目独立分析与评分

EB-5 Green Card Investment: Independent Analysis and Rating of the Las Vegas AC by Marriott / Element by Westin Dual-Brand Hotel Project

作者 By：新未名律师事务所 New Weiming Law Group  |  发布日期 Published：2024-11-22

📌 一句话核心总结 (TL;DR)

该项目位于拉斯维加斯交响乐公园（Symphony Park），是441间客房的万豪AC + Element双品牌酒店，总成本1.646亿美元。项目位于目标就业区（TEA），面向70位投资人募集EB-5资金最高5,600万美元（每人80万美元），以第一优先留置权担保。Hall集团提供贷款偿还、项目完工及I-526被拒退款三重担保。项目预计创造1,253个就业岗位，约为法定700个的179%。新未名律所联合独立美国资深经济学家给出的评分为：资金来源5/5、市场前景5/5、运营预测4/5、经济影响5/5、投资者保障5/5、风险水平3/5（中等风险）。主要风险来自酒店业对旅游景气度的依赖。投资前须核实资金结构、C-PACE留置权顺位及担保方实力。

Located in Las Vegas's Symphony Park, this 441-room AC by Marriott and Element by Westin dual-brand hotel has a total cost of $164.6 million. Because the project sits in a Targeted Employment Area (TEA), it seeks up to $56 million in EB-5 capital from 70 investors at $800,000 each, secured by a first-priority lien. Hall Group provides three guarantees: loan repayment, project completion, and refund upon I-526 denial. The project expects to create 1,253 jobs, about 179% of the 700 required. Working with an independent senior U.S. economist, New Weiming Law Group rated the project as follows: Funding 5/5, Market 5/5, Operations 4/5, Economic Impact 5/5, Investor Security 5/5, and Risk Level 3/5 (moderate). The main risk is the hotel sector's dependence on tourism. Before investing, investors should verify the capital stack, C-PACE lien priority, and the guarantor's financial strength.

新未名律所是扎根美国首都华盛顿地区的移民律所，长期服务大华府DMV地区、马里兰(Maryland)和弗吉尼亚(Virginia)的华人留学生、博士后、科研人员及其家庭。EB-5投资人最关心的问题是：面对各种宣传材料，怎样找到靠谱的项目？本文以“项目测评”的形式，对拉斯维加斯万豪AC / Element双品牌酒店项目做独立拆解。我们认为，这种深度的信息分析，正是一位靠谱华人移民律师应当提供给客户的。

New Weiming Law Group is an immigration law firm rooted in the Washington D.C. Metropolitan Area. We serve Chinese international students, postdocs, researchers, and their families across the DMV Area, Maryland, and Virginia. The question EB-5 investors ask most often is how to identify a reliable project amid all the marketing materials. In this "project review" format, we independently break down the Las Vegas AC by Marriott / Element by Westin dual-brand hotel project. We believe this depth of analysis is what a trusted Chinese-American immigration lawyer should provide to clients.

Q1：为什么越来越多中国申请人考虑EB-5？新未名律所为什么做独立项目分析？
Why Are More Chinese Applicants Considering EB-5, and Why Does Our Firm Publish Independent Project Analyses?

越来越多申请人转向EB-5投资移民，原因主要有以下几点：

• 中国大陆出生申请人的EB-2/3职业移民优先日排期漫长；
• F-1留学生就业机会受限，H-1B抽签中签率低；
• PERM劳工证流程耗时；
• 中国家庭对子女教育与就业有长远安排；
• 美国国会通过《2022年EB-5改革与诚信法案》（RIA），建立了EB-5新政。

相关背景可参阅本所文章《EB5投资移民绿卡批准案例，2024年10月》与《更多EB5投资移民永久绿卡批准案例》。

选择EB-5项目和选择股票一样，最终要由投资人自己决定，但了解的信息越多，决策过程就越好。本所以类似股评、新车评测、餐厅评估和探店的形式，分析市场上的多个EB-5项目，并对项目各方面打分。我们的分析基于美国资深经济学家提交的详细报告。这位经济学家由本所独立联系，并非来自区域中心或项目方。本所不接受任何区域中心或项目方的赞助。本文分析不构成具体项目推荐或法律建议。

More applicants are turning to EB-5 for several reasons:

• Long EB-2/3 priority date backlogs for mainland China-born applicants;
• Limited job opportunities for F-1 students and low H-1B lottery odds;
• The lengthy PERM labor certification process;
• Chinese families' long-term plans for their children's education and careers;
• The EB-5 Reform and Integrity Act of 2022 (RIA), which established the new EB-5 framework.

For background, see our articles "EB-5 Green Card Approval Cases, October 2024" and "More EB-5 Permanent Green Card Approval Cases."

Choosing an EB-5 project is like choosing a stock: the final decision belongs to the investor, but more information leads to a better decision-making process. We review EB-5 projects much like stock analyses, car reviews, or restaurant reviews, and we score each project on several dimensions. Our analysis is based on a detailed report from a senior U.S. economist whom our firm engaged independently, not through any regional center or developer. We accept no sponsorship from regional centers or developers. This analysis is not a project recommendation or legal advice.

Q2：拉斯维加斯万豪AC / Element酒店项目的基本情况是什么？
What Is the Las Vegas AC by Marriott / Element by Westin Hotel Project?

该项目位于美国内华达州拉斯维加斯，是一家双品牌酒店，由万豪旗下的AC Hotels by Marriott和Element by Westin共同组成。项目基本情况如下：

• 客房数量：共441间，其中AC品牌322间，Element品牌119间。
• 配套设施：两家餐厅、酒吧、会议空间及屋顶泳池。
• 地理位置：拉斯维加斯市中心附近经济活跃的交响乐公园（Symphony Park）区域。
• 目标客群：休闲游客与商务旅客。

The project is a dual-branded hotel in Las Vegas, Nevada, combining AC Hotels by Marriott and Element by Westin, both Marriott brands. Key facts:

• Rooms: 441 total, including 322 AC rooms and 119 Element rooms.
• Amenities: two restaurants, bars, meeting spaces, and a rooftop pool.
• Location: the vibrant Symphony Park area near downtown Las Vegas.
• Target guests: leisure and business travelers.

Q3：该项目的主要亮点有哪些？
What Are the Key Highlights of This Project?

• 双品牌策略：AC品牌面向短期入住的客人，Element品牌面向长期住宿的旅客。两个高端品牌整合在同一栋楼内，有助于最大化入住率和收入。
• 绿色环保：Element品牌以环保实践著称，包括节能建筑设计、节水措施和减少废弃物计划，契合消费者对绿色酒店日益增长的需求。
• 黄金地段：项目靠近拉斯维加斯大道（The Strip）、会展中心和拉斯维加斯医疗区，距威尼斯人酒店与凯撒宫酒店约4.5英里车程。
• 开发与担保实力：开发商Jackson-Shaw拥有52年开发经验；Hall集团附属机构Hall Structured Finance提供贷款偿还、项目完工及I-526被拒退款等多项担保。
• EB-5过往业绩：Hall集团的达拉斯HALL Arts Residences and Hotel项目于2020年初竣工。截至2024年4月30日，该项目已有140名投资人获得I-526批准，10名投资人获得条件绿卡（CPR）。该项目属于2022年新法之前的项目，当时排期较长。

• Dual-brand strategy: AC targets short-term guests, while Element targets extended-stay visitors. Combining two upscale brands in one building helps maximize occupancy and revenue.
• Sustainability: Element is known for eco-friendly practices, including energy-efficient design, water conservation, and waste reduction, in line with growing demand for green hospitality.
• Prime location: The project is near the Las Vegas Strip, the convention center, and the Las Vegas Medical District, about 4.5 miles by car from The Venetian and Caesars Palace.
• Developer and guarantees: Jackson-Shaw brings 52 years of development experience. Hall Structured Finance, a Hall Group affiliate, provides guarantees covering loan repayment, project completion, and refunds upon I-526 denial.
• EB-5 track record: Hall Group's HALL Arts Residences and Hotel in Dallas was completed in early 2020. As of April 30, 2024, 140 investors had received I-526 approvals and 10 had obtained conditional permanent residence (CPR). This was a pre-2022 project, when visa backlogs were longer.

Q4：该项目的资金结构是怎样的？
What Is the Project's Capital Structure?

项目总成本为1.646亿美元，资金来源如下：

• 开发商股本：5,890万美元，约占36%。
• EB-5贷款：最高5,600万美元，约占34%。按70位投资人、每人80万美元计算，EB-5投资人享有第一优先留置权。
• 过桥贷款：6,700万美元，其中4,000万美元来自C-PACE融资。
• 万豪出资：项目竣工后，万豪另行提供330万美元“Key Money”。

开发商自有资金占比较高，体现了开发商对项目的财务承诺。需要注意的是，上述各项金额相加超过总成本。部分过桥贷款可能是EB-5资金到位前的临时融资，到位后由EB-5资金置换。投资人应在认购文件中核实最终的资本结构。

Total project cost is $164.6 million, funded as follows:

• Developer equity: $58.9 million, about 36%.
• EB-5 loan: up to $56 million, about 34%, based on 70 investors at $800,000 each, secured by a first-priority lien.
• Bridge loans: $67 million, including $40 million in C-PACE financing.
• Marriott contribution: an additional $3.3 million in "key money" upon completion.

The high share of developer equity reflects a strong financial commitment. Note that the listed amounts add up to more than the total cost. Part of the bridge financing may be temporary funding that EB-5 capital will replace once raised. Investors should confirm the final capital stack in the offering documents.

Q5：拉斯维加斯酒店市场前景如何？
What Is the Outlook for the Las Vegas Hotel Market?

拉斯维加斯被誉为“世界娱乐之都”，近年来每年游客量超过4,000万人次，酒店和旅游业在疫情后迅速复苏。主要数据如下：

• 入住率：2023年全市酒店入住率达83.5%，高于2022年的79.2%。
• 平均每日房价（ADR）：2023年拉斯维加斯大道酒店平均房价为204.22美元，较2019年增长43%。

市场需求的主要驱动因素包括：

• 旅游与娱乐：项目靠近拉斯维加斯大道和弗里蒙特街（Fremont Street）等主要景点，休闲客流稳定。
• 会展需求：拉斯维加斯会展中心距项目仅几分钟车程，每年吸引超过650万名参会者，CES等大型展会期间住宿需求尤为旺盛。
• 医疗与商务：项目毗邻拉斯维加斯医疗区和多个企业办公区。远程工作、医疗医美旅行及更长的商务出差等趋势，推动长住型酒店需求上升，这正是Element品牌的目标客群。
• 交响乐公园开发：该区域是新兴开发区，基础设施投资持续进行。本项目是当地为数不多的新建酒店之一，竞争较少。

Known as the "Entertainment Capital of the World," Las Vegas has drawn more than 40 million visitors annually in recent years, and its hotel and tourism industry rebounded quickly after the pandemic. Key data:

• Occupancy: Citywide hotel occupancy reached 83.5% in 2023, up from 79.2% in 2022.
• Average Daily Rate (ADR): The average room rate on the Strip was $204.22 in 2023, up 43% from 2019.

Key demand drivers include:

• Tourism and entertainment: The project is near the Strip and Fremont Street, supporting a steady flow of leisure travelers.
• Conventions: The Las Vegas Convention Center is minutes away and draws more than 6.5 million attendees each year, with demand peaking during major events such as CES.
• Medical and business: The project is close to the Las Vegas Medical District and corporate offices. Trends such as remote work, medical tourism, and longer business trips are increasing demand for extended stays, which is Element's target market.
• Symphony Park: This up-and-coming district continues to receive infrastructure investment. As one of the few new hotels in the area, the project faces limited competition.

Q6：该项目的施工进度与运营预测如何？
What Are the Construction Timeline and Operating Projections?

项目于2023年10月开工，预计2025年12月竣工。运营预测如下：

• 净运营收入（NOI）：首个完整运营年度（2026年）预计为990万美元，2028年增长至1,190万美元。
• 入住率与房价：初始入住率预计为72.5%，平均每日房价（ADR）为204美元；到2028年，入住率预计提升至81%，ADR升至222美元。
• 双品牌效益：短住与长住产品相结合，有助于优化入住率，灵活应对市场变化。

Construction began in October 2023, with completion expected in December 2025. Operating projections:

• Net Operating Income (NOI): projected at $9.9 million in the first full operating year (2026), growing to $11.9 million by 2028.
• Occupancy and rates: initial occupancy of 72.5% at an ADR of $204, rising to 81% occupancy at an ADR of $222 by 2028.
• Dual-brand efficiency: combining short-stay and extended-stay products helps optimize occupancy and adapt to changing market demand.

Q7：该项目的就业创造和TEA资格能否保障移民合规？
Do the Project's Job Creation and TEA Designation Protect Immigration Compliance?

项目计划招募70位EB-5投资人。按法规要求，每人需分配10个新创造的就业岗位，合计700个。项目预计创造1,253个就业岗位，约为法定要求的179%，即超额约79%。因此，投资人因就业创造不足导致I-526E、I-485或日后I-829申请被拒的风险较低。

项目的经济带动作用体现在两个阶段：施工阶段为当地供应商、承包商和服务商注入资金；运营阶段则通过客人在餐饮、购物和娱乐方面的消费，持续带动经济活动。项目还能吸引长住、康养和商务旅客，契合拉斯维加斯减少对传统博彩收入依赖、实现经济多元化的方向。

此外，项目位于目标就业区（TEA），适用每位投资人80万美元的较低投资门槛。

The project targets 70 EB-5 investors. By law, each investor must be credited with 10 newly created jobs, for a total of 700. The project expects to create 1,253 jobs, about 179% of the requirement, or a surplus of roughly 79%. As a result, the risk of an I-526E, I-485, or later I-829 denial due to insufficient job creation is relatively low.

The project supports the local economy in two phases: construction brings capital to local suppliers, contractors, and service providers, and operations generate ongoing guest spending on dining, shopping, and entertainment. The hotel will also attract extended-stay, wellness, and business travelers, supporting Las Vegas's effort to diversify beyond traditional gaming revenue.

In addition, the project is located in a Targeted Employment Area (TEA), which qualifies it for the reduced investment threshold of $800,000 per investor.

Q8：EB-5投资人有哪些安全保障措施？
What Protections Do EB-5 Investors Have?

这是一个债权型项目。EB-5投资人的资金经区域中心以贷款形式发放给项目方，并设有以下多重保障：

• 第一优先留置权：EB-5贷款由项目资产的第一优先留置权担保。项目若遇财务困难，投资人有抵押品保障。
• 贷款偿还担保：即使酒店未达财务目标，Hall集团也承诺协助EB-5投资人收回本金。
• 项目完工担保：确保项目按时、按预算完工，降低工期延误对就业创造和投资回报的影响。
• I-526被拒退款担保：如果投资人的I-526申请被拒，且原因不属于投资人欺诈或不当行为，Hall集团承诺退还本金。
• 专业团队：Jackson-Shaw负责开发，Hall Structured Finance提供财务监督，两家公司均拥有丰富经验和良好业绩记录。

This is a loan-based project. EB-5 capital flows through the regional center to the developer as a loan, with multiple layers of protection:

• First-priority lien: The EB-5 loan is secured by a first-priority lien on the property, giving investors collateral if the project faces financial difficulty.
• Loan repayment guarantee: Hall Group commits to helping EB-5 investors recover their principal even if the hotel misses its financial targets.
• Completion guarantee: Construction is to be finished on time and on budget, reducing delay risk to job creation and investor returns.
• I-526 denial guarantee: If an investor's I-526 petition is denied for reasons other than the investor's fraud or misconduct, Hall Group commits to returning the investor's capital.
• Experienced team: Jackson-Shaw leads development and Hall Structured Finance provides financial oversight; both have established track records.

Q9：该项目有哪些主要风险？绿卡排期和同步递交I-485情况如何？
What Are the Main Risks, and What About Visa Backlogs and Concurrent I-485 Filing?

该项目的主要风险及缓解措施如下：

• 市场风险：拉斯维加斯高度依赖旅游业。经济下滑、旅行行为改变或旅游需求变化，都可能影响酒店业绩。双品牌策略提供了一定的调整灵活性。
• 施工与财务风险：开发商股本、担保贷款及多项担保措施，降低了延误或超支风险。
• 法规风险：项目可能受移民法变化影响。超额的就业创造和TEA资格提供了一定缓冲。

关于绿卡排期：据原文发布时（2024年11月）的情况，相关EB-5类别没有排期。在美国境内的申请人，无论出生在哪个国家（包括中国大陆），都可以同时递交I-526E和I-485，并取得基于I-485的EAD工卡和AP回美证。但由于EB-5整体申请量较大，实际获得绿卡的时间可能延后，前后可能需要数年。请以当月签证公告（Visa Bulletin）为准。

同步递交还需注意身份问题：

• F-1身份不具备双重意图（Dual Intent），递交I-485后出入境须谨慎；
• H-1B、L-1、O-1持有人具有双重意图，身份衔接相对灵活；
• 受212(e)两年回国服务限制的J-1持有人，须先取得J-1豁免，才能调整身份。

The main risks and mitigants are as follows:

• Market risk: Las Vegas depends heavily on tourism. Economic downturns, changes in travel behavior, or shifts in tourism demand could affect hotel performance. The dual-brand strategy provides some flexibility to adjust.
• Construction and financial risk: Developer equity, secured loans, and multiple guarantees reduce the risk of delays or cost overruns.
• Regulatory risk: The project may be affected by changes in immigration law. The job creation surplus and TEA designation provide some protection.

Visa backlogs: As of the original publication date (November 2024), the relevant EB-5 category had no backlog. Applicants in the U.S., regardless of country of birth (including mainland China), could concurrently file I-526E and I-485 and obtain an EAD work permit and Advance Parole based on the pending I-485. However, because overall EB-5 demand is high, the actual green card may take several years. Always check the current Visa Bulletin.

Status issues also matter for concurrent filing:

• F-1 status does not carry Dual Intent, so travel after filing I-485 requires caution;
• H-1B, L-1, and O-1 holders have dual intent and more flexibility in status transitions;
• J-1 holders subject to the 212(e) two-year home residency requirement must obtain a J-1 waiver before adjusting status.

Q10：新未名律所对该项目的评分是多少？
How Does New Weiming Law Group Rate This Project?

与同类EB-5项目相比，本所采用1至5分制评分，5分对投资人最有利。各项评分如下：

• 资金来源（5分）：开发商股本、EB-5资本与担保过桥贷款搭配平衡，并有第一留置权和Hall集团偿还担保。
• 市场前景（5分）：拉斯维加斯是全球最具韧性的酒店市场之一，项目地段优越，双品牌覆盖多元客群。
• 运营预测（4分）：开发团队经验丰富，竣工时间线清晰，收入预测稳健。但仍存在供应链中断或成本超支等潜在施工风险，因此略微扣分；Hall集团的完工担保可缓解部分风险。
• 经济影响（5分）：1,253个就业岗位远超700个的法定要求，项目同时具备TEA资格。
• 投资者保障（5分）：贷款偿还、项目完工、I-526被拒退款三重担保，加上第一优先留置权，安全性在当前市场中较高。
• 风险水平（3分，分数越低风险越高）：酒店业对经济下滑、旅行限制和消费行为变化较为敏感，固有风险使本项评分保持在中等水平。

Compared with similar EB-5 projects, we use a 1–5 scale, with 5 being most favorable to investors. Ratings by category:

• Funding Sources (5): a balanced mix of developer equity, EB-5 capital, and secured bridge loans, with a first-priority lien and Hall Group's repayment guarantee.
• Market Prospect (5): Las Vegas is one of the world's most resilient hotel markets; the location is strong and the dual-brand model serves diverse guests.
• Operational Forecast (4): experienced developers, a clear completion timeline, and solid revenue projections. The score is slightly reduced for potential construction risks such as supply chain disruptions or cost overruns, partly mitigated by Hall Group's completion guarantee.
• Economic Impact (5): 1,253 jobs far exceed the 700 required, and the project has TEA designation.
• Investor Security (5): three guarantees (loan repayment, completion, and I-526 denial refund) plus a first-priority lien make it one of the more secure options in the current market.
• Risk Level (3; lower means higher risk): the hotel sector is sensitive to downturns, travel restrictions, and changes in consumer behavior, so inherent risk keeps this score at a moderate level.

Q11：从移民律师角度，投资前还应核实哪些问题？
From an Immigration Lawyer's Perspective, What Should Investors Verify Before Investing?

担保越多，越要看清担保的结构与实质。EB-5法定要求资金处于风险之中（at risk），对投资人本人做出的“保本承诺”可能引发合规问题。基于17年执业经验，我们建议投资人在认购前重点核实以下事项：

• 担保结构：Hall集团的偿还担保针对的是新商业企业（NCE）贷款，还是直接针对投资人？担保方自身的财务实力如何？是否有已审计的财务报表？
• C-PACE留置权顺位：在许多州，C-PACE融资以房产税评估方式征收，其优先权可能高于抵押贷款。须核实C-PACE与EB-5“第一优先留置权”之间的实际顺位，以及是否签有债权人间协议（Intercreditor Agreement）。
• 资金结构一致性：核实过桥贷款与EB-5资金的置换安排，以及最终资本结构是否与总成本相符。
• I-956F与TEA：项目I-956F审批状态，TEA的认定类型，以及是否适用高失业率等预留签证类别。这直接影响中国大陆出生申请人能否同步递交I-485。
• 还款与退出：贷款期限、延期条件、利率，以及还款依赖再融资还是出售资产。
• 资金来源证明：提前准备完整的资金来源（Source of Funds）证明，降低收到RFE（补件通知）的风险。
• 政策时限：区域中心项目授权至2027年9月30日，此前递交的申请受祖父条款保护。

The more guarantees a project offers, the more carefully their structure and substance must be examined. EB-5 requires capital to be at risk, and a principal guarantee made directly to the investor may raise compliance issues. Drawing on 17 years of practice, we recommend verifying the following before subscribing:

• Guarantee structure: Does Hall Group's repayment guarantee cover the new commercial enterprise (NCE) loan or the investor directly? How strong is the guarantor financially, and are audited financial statements available?
• C-PACE lien priority: In many states, C-PACE financing is collected as a property tax assessment and may have priority over mortgage liens. Confirm the actual priority between the C-PACE lien and the EB-5 "first-priority lien," and whether an intercreditor agreement exists.
• Capital stack consistency: Confirm how the bridge loans will be replaced by EB-5 capital and whether the final capital stack matches the total project cost.
• I-956F and TEA: Check the project's I-956F status, the type of TEA designation, and whether a reserved visa category (such as high unemployment) applies. This directly affects whether mainland China-born applicants can file I-485 concurrently.
• Repayment and exit: Review the loan term, extension conditions, interest rate, and whether repayment depends on refinancing or an asset sale.
• Source of Funds: Prepare thorough Source of Funds documentation in advance to reduce the risk of a Request for Evidence (RFE).
• Program deadline: The Regional Center Program is authorized through September 30, 2027, with grandfathering protection for petitions filed before then.

Q12：该项目的总体结论是什么？大华府华人家庭如何获得帮助？
What Is the Overall Conclusion, and How Can Chinese Families in the D.C. Area Get Help?

拉斯维加斯万豪AC / Element双品牌酒店项目市场定位清晰，财务结构稳健，投资者保护措施较多。项目兼顾短住与长住客群，由信誉良好的开发商和担保方支持。项目对旅游业的依赖带来中等程度的市场风险，但优质地段和双品牌运营策略为其长期成功奠定了基础。

EB-5并非唯一的绿卡路径。符合条件的申请人还可以考虑EB-1A杰出人才、NIW国家利益豁免、EB-2/3（PERM + I-140）职业移民、L-1与EB-1C跨国公司经理，以及亲属移民。无论您身在大华府DMV地区、马里兰(Maryland)、弗吉尼亚(Virginia)还是美国其他地区，新未名律所作为扎根美国首都华盛顿地区的靠谱华人移民律师团队，都可以帮助您比较不同的绿卡路径，审查资金来源与身份衔接风险，制定稳妥的方案。

The Las Vegas AC by Marriott / Element by Westin dual-brand hotel project has clear market positioning, a sound financial structure, and extensive investor protections. It serves both short-stay and extended-stay guests and is backed by reputable developers and guarantors. Its reliance on tourism brings moderate market risk, but the prime location and dual-brand strategy position it well for long-term success.

EB-5 is not the only path to a green card. Qualified applicants may also consider EB-1A, NIW (National Interest Waiver), EB-2/3 (PERM + I-140), L-1 and EB-1C for multinational managers, and family-based immigration. Whether you are in the DMV Area, Maryland, Virginia, or elsewhere in the U.S., New Weiming Law Group, a trusted Chinese-American immigration law team based in the Washington D.C. Metropolitan Area, can help you compare green card paths, review Source of Funds and status transition risks, and build a sound strategy.

新未名律师事务所编写，2024年11月
Prepared by New Weiming Law Group, November 2024