Clauses of the Real Estate Securitization Act Article 17
The investment or utilization of a REIT fund shall be limited to the following objects:1. Real estate under development or generating stable income;2. Related rights of real estate under development or generating stable income;3. Real estate related securities;4. Scope of utilization as prescribed in Article 18; and5. Other investment or utilization objects approved by the competent authority.The minimum investment or utilization ratio of a REIT fund in cash, government bonds and investment objects set forth in the preceding subparagraphs 1 to 3 shall be prescribed by the competent authority.The investment of a REIT fund in securities set forth in Article 6 of the Securities and Exchange Act shall not exceed a certain ratio and amount of the offering limit. The certain ratio and amount shall be prescribed by the competent authority.Where a REIT fund plans to invest in real estate or related rights of real estate under development, the REIT fund may not be drawn on until such real estate or related rights of real estate have obtained the construction permits.The investment of a publicly offered REIT fund in real estate or related rights of real estate under development shall be limited to the following objects:1. Land, buildings and related rights of real estate within the scope of an urban renewal business project approved pursuant to the Urban Renewal Act;2. Public constructions as defined in the Law for Promotion of Private Participation in Infrastructure Projects; and3. Public constructions in which REIT funds may invest as approved by the central competent authority in charge of the target enterprise concerned.The investment of a publicly offered or privately placed REIT fund in real estate or related rights of real estate under development shall not exceed a certain percentage of the value of the fund’s trust property. The certain percentage shall be prescribed separately by the competent authority in consultation with the central competent authority in charge of the target enterprise concerned. Notwithstanding the foregoing, the certain percentage shall not exceed thirty percent (30%) for publicly offered REIT funds.The real estate or related rights of real estate under development as referred to in the two preceding paragraphs may not be any of the following objects:1. Real estate or related rights of real estate in which the combined investment by enterprises in which the government or the state has more than twenty percent (20%) ownership and funds or juristic persons directly or indirectly controlled by the government exceeds ten percent (10%); or2. Real state or related rights of real estate for which the government undertakes to assume its debt or guarantees its operating income.The objects set forth in the preceding paragraph exclude the following:1. An infrastructure project in which the authority in charge may, on the part of the non-self-financing portion, subsidize part of the interest on loans needed or invest in part of the construction pursuant to Article 29 of the Law for Promotion of Private Participation in Infrastructure Projects; and2. Real estate participating in urban renewal.
中文原文 不動產證券化條例第17條
不動產投資信託基金，以投資或運用於下列標的為限：
一、開發型或已有穩定收入之不動產。
二、開發型或已有穩定收入之不動產相關權利。
三、不動產相關有價證券。
四、第十八條規定之運用範圍。
五、其他經主管機關核准投資或運用之標的。
不動產投資信託基金投資或運用於現金、政府債券及前項第一款至第三款投資標的之最低比率，由主管機關定之。
不動產投資信託基金投資於證券交易法第六條之有價證券，不得超過其募集發行額度之一定比率及金額；其一定比率及金額，由主管機關定之。
不動產投資信託基金投資於開發型之不動產或不動產相關權利時，如須取得建造執照者，應於該不動產或不動產相關權利領得建造執照後，始得動用該基金款項。
募集之不動產投資信託基金投資於開發型不動產或不動產相關權利，以下列各款標的為限：
一、都市更新條例核定之都市更新事業計畫範圍內之土地、建築物及不動產相關權利。
二、促進民間參與公共建設法所稱公共建設。
三、經中央目的事業主管機關核准參與之公共建設。
募集及私募之不動產投資信託基金投資於開發型不動產或不動產相關權利，不得超過該基金信託財產價值之一定比率；其一定比率，由主管機關會同相關中央目的事業主管機關分別定之。
惟採募集方式者，該比率不得超過百分之三十。
前二項之開發型不動產或不動產相關權利，不得為下列標的：
一、政府、公股占百分之二十以上事業、政府直接或間接控制之基金或法人參與投資比率合計超過百分之十者。
二、政府承諾承擔其債務或保證其營運收益者。
前項所定標的，不含下列事項：
一、依促進民間參與公共建設法第二十九條規定由主辦機關就公共建設非自償部分補貼其所需貸款利息或投資其建設之一部。
二、提供不動產參與都市更新。
一、開發型或已有穩定收入之不動產。
二、開發型或已有穩定收入之不動產相關權利。
三、不動產相關有價證券。
四、第十八條規定之運用範圍。
五、其他經主管機關核准投資或運用之標的。
不動產投資信託基金投資或運用於現金、政府債券及前項第一款至第三款投資標的之最低比率，由主管機關定之。
不動產投資信託基金投資於證券交易法第六條之有價證券，不得超過其募集發行額度之一定比率及金額；其一定比率及金額，由主管機關定之。
不動產投資信託基金投資於開發型之不動產或不動產相關權利時，如須取得建造執照者，應於該不動產或不動產相關權利領得建造執照後，始得動用該基金款項。
募集之不動產投資信託基金投資於開發型不動產或不動產相關權利，以下列各款標的為限：
一、都市更新條例核定之都市更新事業計畫範圍內之土地、建築物及不動產相關權利。
二、促進民間參與公共建設法所稱公共建設。
三、經中央目的事業主管機關核准參與之公共建設。
募集及私募之不動產投資信託基金投資於開發型不動產或不動產相關權利，不得超過該基金信託財產價值之一定比率；其一定比率，由主管機關會同相關中央目的事業主管機關分別定之。
惟採募集方式者，該比率不得超過百分之三十。
前二項之開發型不動產或不動產相關權利，不得為下列標的：
一、政府、公股占百分之二十以上事業、政府直接或間接控制之基金或法人參與投資比率合計超過百分之十者。
二、政府承諾承擔其債務或保證其營運收益者。
前項所定標的，不含下列事項：
一、依促進民間參與公共建設法第二十九條規定由主辦機關就公共建設非自償部分補貼其所需貸款利息或投資其建設之一部。
二、提供不動產參與都市更新。