Newsletter
NEW RULES ON LISTING OF REAL ESTATE INVESTMENT TRUST BENEFICIARY CERTIFI-CATES
The new Article 23-2 of the Taiwan Stock Ex-change (TSE) Criteria for Review of Securities Listings (announced on 4 February 2004), and the new Articles 3-2 and 7-2 of the Over-the-Counter (OTC) Securities Exchange Criteria Governing Review of Securities Trading on OTC Market (announced on 13 February 2004), define criteria for the TSE and OTC-market listing of real estate investment trust (REIT) and real estate asset trust (REAT) beneficiary certificates, as summarized below":
1.Total issued value: at least NT$3 billion.
2.Remaining contract life: at least one year.
3.At least 500 beneficiaries, each holds beneficiary units with an aggregate pur-chase price not exceeding NT$1 million; the aggregate purchase price of their com-bined holdings is at least NT$200 million; the combined aggregate purchase price of the beneficiary units held by any five beneficiaries does not exceed 50% of the total issued value of the beneficiary cer-tificates.
4.Each beneficiary certificate represents 1,000 beneficiary units, and has a face value of NT$10,000.
5.The owner of the real estate or real-estate-related rights in which the fund invests must place all its holdings of the beneficiary certificates into centralized deposit.
1.Total issued value: at least NT$500 mil-lion.
2.Remaining time to maturity: at least one year from the date on which trading begins.
3.There are at least 5 beneficiaries; no single beneficiary holds more than 20% of the total issued value of the issuance; the ag-gregate purchase price of the most pre-ferred beneficiary certificates held by any five beneficiaries does not exceed 50% of the total issued value of the beneficiary certificates; if the issuance is divided into tranches, the above should be calculated on the basis of the tranche concerned.
4.Each beneficiary certificate has a face value of NT$100,000.
5.The beneficiary certificates are rated by a rating agency.
1.Total issued value: at least NT$2 billion.
2.Remaining contract life: at least one year.
3.At least 300 beneficiaries, each hold, beneficiary units with an aggregate pur-chase price not exceeding NT$1 million; the aggregate purchase price of their com-bined holdings is at least NT$200 million; the combined aggregate purchase price of the beneficiary units held by any five beneficiaries does not exceed 50% of the total issued value of the beneficiary cer-tificates.
4.The owner of the real estate or real-estate-related rights in which the fund invests must place all its holdings of the beneficiary certificates into centralized deposit.
5.Each beneficiary certificate represents 1000 beneficiary units, and has a face value of NT$10,000.
1.Total issued value: at least NT$500 mil-lion.
2.Time to maturity: at least one year from the date on which OTC trading begins.
3.Definitions and calculation standards are explicitly set out for repayment of principal, duration, interest calculation, and interest payment.
4.No single beneficiary holds more than 20% of the total issued value of the issuance; the aggregate purchase price of the most pre-ferred beneficiary certificates held by any five beneficiaries does not exceed 50% of the total issued value of the beneficiary certificates; if the issuance is divided into tranches, the above should be calculated on the basis of the tranche concerned.
5.The beneficiary certificates are rated by a rating agency recognized by competent authority.