Instead of relaxing the conditions for an S-REIT to qualify fortax exemptions, which could have policy implications beyond theS-REIT industry in terms of which corporate vehicles should qualify fortax breaks, the MAS provided support to S-REITs in a targeted manner by facilitating S-REITs’ refinancing of maturing debt. Under para 9.2 ofthe Property Fund Guidelines, the aggregate leverage ratio of an S-REITshould not exceed 35% of the fund’s deposited property, or 60% if thefund obtains a credit rating and discloses the same to the public
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