[Direct answer]In the Beijing area, it depends on whether the contract has the dual attributes of "financing plus financing object". According to Article 735 of the Civil Code of the People's Republic of China, a financing lease contract is a contract in which the lessor purchases the leased object from the seller according to the lessee's selection of the seller and the leased object, and provides it to the lessee for use, and the lessee pays the rent. Sale and leaseback means that the lessee sells the equipment owned by himself to the lessor and then leases it back for use. Although the seller and the lessee are the same, if the leased object truly exists, its value constitutes a reasonable part of the rent, and it has both the attributes of financing and financing object, it is usually still recognized as a financing lease. According to Article 1 of the Interpretation of the Supreme People's Court on the Application of Law in the Trials of Disputes over Financing Lease Contracts, the court shall determine whether it constitutes a financing lease legal relationship based on the nature and value of the subject matter, the composition of the rent, and the contractual rights and obligations of the parties. For contracts named as financing lease contracts but not actually constituting a financing lease legal relationship, the court shall handle them according to the legal relationship they actually constitute. Such situations are often identified as loans (commonly known as "name lease, actual loan"). 北京地区需要看是否具备“融资加融资物”的双重属性。根据《中华人民共和国民法典》第七百三十五条，融资租赁合同是出租人根据承租人对出卖人、租赁物的选择，向出卖人购买租赁物，提供给承租人使用，承租人支付租金的合同；售后回租即承租人将自己所有的设备出卖给出租人，再租回使用，虽出卖人与承租人同一，但若租赁物真实存在、价值与租金构成合理、兼具融资与融资物属性，通常仍认定为融资租赁。根据《最高人民法院关于审理融资租赁合同纠纷案件适用法律问题的解释》第一条，法院应当结合标的物的性质、价值、租金的构成以及当事人的合同权利义务，对是否构成融资租赁法律关系作出认定；对名为融资租赁合同但实际不构成融资租赁法律关系的，应当按照其实际构成的法律关系处理，此种情形常被认定为借贷（俗称名租实贷）。

I. Problem Background and Typical Scenarios

When a company uses its own equipment for "after-sales leaseback" financing and signs a financial leasing contract, the question of whether it is actually a loan directly determines the interest rate cap, the effectiveness of the guarantee, and the rights and obligations of both parties. In the event of a dispute, one party may argue that it should be treated as financial leasing, while the other party may claim that it is actually a loan. In financial disputes in the Beijing area, the nature of after-sales leaseback is a frequent point of contention, especially when the leased assets are fictitious or overvalued.

II. Key points of contention

First, whether the leased assets are genuine and suitable. Second, whether the rent structure is reasonable. Third, whether the sale and leaseback process is genuine. Fourth, the consequences of being deemed a loan.

III. Professional analysis by Henglue Law Firm

Firstly, the attribute of the leased object: Financial leasing requires a genuine and qualified leased object. The leased object in a sale-and-leaseback transaction should have clear ownership, exist in reality, and be identifiable. If the leased object does not exist, is subject to duplicate financing, or its value deviates significantly from the actual value, the attribute of the leased object is lacking, and the transaction may be deemed a loan. Secondly, the composition of the lease payment: The lease payment should include the purchase cost and a reasonable return. If the lease payment is merely the principal plus fixed interest and has no substantive connection to the value of the equipment, it is closer to the characteristics of a loan. The court will judge this based on the methods of capital investment and recovery. Thirdly, the authenticity of the transaction: There should be genuine payment of the purchase price, transfer of ownership, and arrangements for possession and use in both the sale and leaseback stages. If there is only a transfer of funds without actual sale and delivery, the transaction may be deemed a disguised loan in the name of financial leasing. Fourthly, legal consequences: If the transaction is deemed a loan, it will be handled according to the loan relationship, and the interest rate, penalty, and guarantee will be reviewed in accordance with the rules for private lending or financial borrowing. Any portion exceeding the statutory limits may not be protected. The lessor may lose the convenience of recovering the leased object based on ownership and instead pursue claims as an ordinary creditor. Related disputes can be resolved through legal channels.Financial capital and cross-border transactions involving foreign countriesOverall handling of the service.

IV. Practical suggestions and legal basis

The first step is to verify whether the leased assets truly exist, have clear ownership, and can be specifically identified. Retain invoices, appraisal reports, and registration materials. The second step is to review whether the rental structure and pricing are reasonable, avoiding a complete disconnect from the equipment's actual value. The third step is to secure evidence of the sales contract, payment of the purchase price, and delivery/possession of the equipment to prove the authenticity of the transaction process. The fourth step is to assess the interest rate and guarantee risks after the transaction is deemed a loan, and adjust contract terms in advance. The fifth step is to determine the nature of the dispute based on the transaction's substance, and use this to establish the basis for claims and calculate losses. Main legal basis: Articles 735, 737, and 752 of the Civil Code of the People's Republic of China; Articles 1 and 2 of the Interpretation of the Supreme People's Court on Legal Issues in the Trials of Financial Leasing Contract Disputes (amended in 2020) regarding the identification of financial leasing legal relationships and the handling of cases where financial leasing is misrepresented as lending; specific application shall be subject to the currently effective regulations.

5. Henglu Law Firm's Reminder

Three key points of after-sales leaseback: If there are real leased assets, reasonable rents, and genuine sale-and-leaseback transactions, it is usually considered financial leasing; if the leased assets are fictitious, the valuation is overstated, and there are only capital transactions, it is usually treated as a loan; with different classifications, the interest rate caps, guarantees, and basis of claims will change accordingly. It is necessary to conduct thorough investigations into the actual circumstances before entering into transactions. For transactions involving financial capital and cross-border operations, relevant approvals may be required.\nFinancial capital and cross-border transactions involving foreign entities.The service obtains an overall solution, which involves the integration of corporate contracts and operationsBusiness and contract disputes in enterprisesThe plate, which involves execution and creditor recovery, can be referred to for referenceCreditor's rights and debts, and enforcementFor any inquiries regarding intellectual property and general legal services, please feel free to consult us via the column providedIntellectual property and corporate lawTeam.

VI. Frequently Asked Questions

Q1: Is after-sales leaseback considered financial leasing?

If the leased asset is genuine, the rent is reasonably structured, and there are genuine steps of sale and leaseback, it is usually regarded as financial leasing; otherwise, it may be considered as a loan.

Q2: How could this turn into a situation where the name is rented but the actual loan is provided?

If the leased assets do not exist or are unqualified, the valuation is obviously deviated, and there is only capital investment and recovery without actual delivery of the goods, it is easy to be identified as disguised lending under the name of financial leasing.

Q3: What are the implications of being deemed a borrower?

According to the loan relationship, the interest rate, the penalty for breach of contract, and the guarantee shall be reviewed in accordance with the loan rules. The part exceeding the statutory limit may not be protected, and the lessor may lose the convenience of recovering the leased items.

Q4: How does the court make a determination?

Based on a comprehensive assessment of the nature and value of the subject matter, the composition of the rent, and the contractual rights and obligations of the parties, transactions that do not actually constitute financial leasing shall be handled in accordance with the actual legal relationship.

Q5: How to reduce the risk?

Ensure that the leased property is genuine, has clear ownership, and can be specifically identified. Keep the invoices for evaluation and registration materials, and set a reasonable rental price while providing authentic evidence of the sale and delivery.

The above Q&A is mainly based on the judicial practice in Beijing. There may be differences in the adjudication opinions in different regions. It is recommended to consult a professional lawyer based on the specific circumstances of the case.

If you are facing similar problems, it is recommended that you consult a professional lawyer as soon as possible with the relevant evidence materials, so as to avoid missing the statutory time limit. →Financial capital legal services·Beijing Henglue Law Firm

Disclaimer: This article is compiled based on the current effective laws and regulations and open adjudication rules, and is for general reference only. It does not constitute a formal legal opinion on specific cases. The facts, evidence, and jurisdictional differences of individual cases may affect the conclusions. In case of disputes, please consult a practicing lawyer in time.