On June 30, 2017, the FSC amended the Regulations Governing the Investment Ceiling for the Investment of a Public Offered or Privately Placed REIT Fund in Development-Oriented Real Estate or Related Rights of Real Estate, stipulating that the investment of a privately placed REIT fund in development-oriented real estate or related rights of real estate will not be subject to 40% of the value of the fund’s trust property when investing in infrastructure as defined in the Act for Promotion of Private Participation in Infrastructure Projects and participating in infrastructure approved by the competent authority.