CIR 13.5 Guidance
1. See CIR Rule 3.1.8 for the definition of a
Real Estate Investment Trust (REIT).
REITs are a subset of Property Funds. The Fund Manager of a Public Property Fund, which is, or is to be held out, as a REIT, is required, in addition to the general Rules applying to Public Property Funds (such as Rules on borrowing and Related Party Transactions), to also comply with the Rules in this section.
Exempt Fund or Qualified Investor Fund may also be constituted as a REIT if it meets the criteria in CIR Rule 13.5.1(2). Such a REIT also has 3 years to list and trade if its offer documents (e.g. the Information Memorandum) or its marketing material state that it intends to list and trade its Units.