The amendment redefine ‘public’, to excludes related parties of the REIT, its sponsor, or manager, but specifies that a qualified institutional buyer will be included in it. Sponsors and managers are explicitly excluded. It also alter the timelines and requirements for valuation reports and financial disclosures. Managers must now submit reports on the status of under-construction properties within a time specified by the board, not necessarily thirty days after the quarter’s end. The valuation reports must be submitted to the trustee simultaneously with their submission to stock exchanges. It also modify the requirements for the distribution of net cash flow from a Holdco, allowing it to adjust a negative distributable cash flow against cash flows from its underlying Special Purpose Vehicles (SPVs) with proper disclosures.