Legal analysis: Private equity funds cannot invest in the real estate industry. Private equity funds can invest in stocks, bonds, closed-end funds, central bank bills, short-term financing bills, asset-backed securities, financial derivatives and other investment products stipulated by China Securities Regulatory Commission, but they cannot invest in real estate. If they want to invest in real estate, they can buy special real estate investment funds.

Legal basis: Article 35 of the Measures for the Operation and Management of Securities Investment Funds stipulates that the income distribution of closed-end funds shall not be less than once a year, and the annual income distribution ratio of closed-end funds shall not be less than 90% of the realized income of funds. The fund contract of an open-end fund shall stipulate the maximum number of fund income distribution and the minimum proportion of fund income distribution each year.