Sponsor unitholding requirement: staged lock in and transfer restrictions protect REIT stability and preserve sponsor liability for formation representations. Sponsors and sponsor groups must form the REIT, appoint the trustee, and transfer or undertake to transfer their entire shareholding or ownership interest in the holdco/SPV or real estate assets to the REIT with binding agreements and disclosures; they must collectively maintain staged minimum unitholdings post listing, which are locked in and non encumberable (with limited grandfathering), transferable only within sponsor groups while lock in subsists, and sponsors remain liable for formation related acts and asset transfer representations.