FDI in construction development: clarified rules on minimum capitalization, project commencement, trunk-infrastructure and exit/transfer protocols. Minimum capitalization is a project-specific threshold: FDI cannot be brought into a project unless the required minimum capitalization is achieved within six months of project commencement, defined as the statutory approval date of the building/layout plan; later FDI is permitted if capitalization is met. Exit before completion requires FIPB approval; automatic exit is allowed upon project completion or upon development of defined trunk infrastructure certified by a Council of Architecture-registered architect. NR-to-NR transfers prior to completion require FIPB approval; completed projects may host foreign investors for operation and management subject to the real estate business exclusion.