37.05

If an issuer is a body corporate or trust it must have net assets of HK$1 billion unless:
 
(a)    it is a Supranational; or
 
(b)    it is a State corporation; or
 
(c)    its shares are listed on the Exchange; or
 
(d)    its shares are listed on another stock exchange; or
 
(e)    it is a special purpose vehicle formed for listing asset backed securities; or
 
(f)    it has recourse to the assets of a real estate investment trust which units are listed on the Exchange in respect of the obligations under the debt securities.
 
If an issuer has recourse to the assets of a real estate investment trust in respect of the obligations under the debt securities, its fulfilment of the eligibility criterion above may be assessed by reference to the assets of the real estate investment trust.