After the new set of regulations regarding Real Estate Investment Trusts (the “REITs”) were issued in 2012 in addition to those previously issued for Property Fund for Public Offerings (the “PFPOs”), existing PFPOs have been encouraged by the relevant regulators to convert into REITs. Since 2014, PFPOs may neither be established, nor increase their capital for additional investment. The regulators have encouraged existing players to shift from the PFPO scheme to the REIT scheme by way of conversion.