Regulator narrows "public" definition, revises REIT valuation timing, allows holdco cash offsets with required disclosures

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....The regulator amends REIT regulations to (1) narrow the definition of "public" by excluding sponsors, sponsor group, manager and related parties while treating qualified institutional buyers as public in offers; (2) modify timing and filing requirements for valuations and development-status disclosures, linking submission to timelines specified for quarterly and annual financial results and requiring annual full valuations as at March 31 and half-year valuations as at September 30 to be submitted to the stock exchange(s) with results; (3) permit a holdco with negative standalone cash flow to offset it against SPV cash flows with prescribed disclosures; and (4) make related editorial and filing adjustments with trustees and exchanges.....