80. (1 J

A regulated person must ensure that it does not offer or undertake a transaction in respect of a unit of a foreign collective investment scheme which is a property collective investment scheme unless

{a} the collective investment scheme is a closed-ended structure; and

{b} the collective investment scheme is recognised by the Authority under the Order, and the unit is listed and traded on a regulated market or on a securities exchange, unless the unit is to be offered, issued or sold by means only of private placement.

In this regulation, "property collective investment scheme" mean a collective investment scheme in respect of which 60 per cent or more of the collective investment scheme's assets comprise real property, property related assets or units in another property collective investment scheme.