On 28 March 2014, the registrar of collective investment schemes (Registrar) issued Conditions for the Winding up of a Collective investment scheme in property (CISP) Under Certain Circumstances (Conversion Conditions). The Conversion Conditions set out requirements that a CISP manager must comply with in order to implement a conversion scheme from a CISP to a corporate real estate investment trust (Corporate REIT), and pursuant to which a CISP will be voluntarily wound up.