beneficiary of a REIT; 1 “property fund” means a property fund established according to the Notification of the Office of the Securities and Exchange Commission concerning Rules, Conditions and Procedures for
Their Scope of Work (No. 5) dated 23 March 2015 (effective on 1 May 2015). 4 (20)4 “unit” means a trust certificate representing the rights of the holder as beneficiary of a real estate investment trust
the right under the future income sharing agreement under Clause 1(3) (c) and the fund is not the sole beneficiary to the total future income; the management company shall show that an analysis has been
prevention of conflicts of interest between the management company and the unitholders; (7) the money borrowing or creation of encumbrances on a fund ’s assets; (8) the liquidation of a fund . In the case