A special dispensation for listed REITs was introduced in 2012. It is proposed that a regulatory framework for unlisted property-owning companies be developed. 

Unlisted property-owning companies marketed to the general public or held by institutional investors do not qualify for the same special tax dispensation as listed companies that qualify as real estate investment trusts. Government proposes that unlisted property-owning companies should qualify for the same tax treatment as listed companies, if they become regulated. A regulatory framework for unlisted property-owning companies will be developed. How long this will take is a matter for speculation. However, the formulation of such legislation is definitely a step in the right direction for the property sector, and is no doubt going to stimulate corporate activity in a sector which has seen much consolidation in the listed space over the last couple of years.