Clause 59

by deleting the words “31 May 2022” in subsection (1)(a) and substituting the words “31 December 2027”;

by deleting paragraph (a) of subsection (8) and substituting the following paragraphs:“(a)the disposal of shares before 1 June 2022 in a company or VCC that —

is in the business of trading Singapore immovable properties; or

principally carries on the activity of holding Singapore immovable properties,other than property development, where the shares are not listed on a stock exchange in Singapore or elsewhere;

is in the business of trading immovable properties situated whether in Singapore or elsewhere;

principally carries on the activity of holding immovable properties situated whether in Singapore or elsewhere; or

(being a company) has undertaken property development in Singapore or elsewhere, except where —

the immovable property developed is used by the company to carry on its trade or business (including the business of letting immovable properties), not being a business mentioned in sub-paragraph (i); and

the company did not undertake any property development in Singapore or elsewhere for a period of at least 60 consecutive months before the disposal of shares; or”;

by inserting, immediately before the definitions of “borrowing period” and “securities lending or repurchase arrangement” in subsection (9), the following definition:“ “activity of holding immovable properties” excludes the holding of immovable properties where such properties are used to carry on a trade or business, including the business of letting immovable properties;”;

by deleting the word “issued.” in paragraph (b)(ii) of the definition of “ordinary share” in subsection (9) and substituting the word “issued;”; and

by inserting, immediately after the definition of “ordinary share” in subsection (9), the following definition:“ “property development” means construction or causing the construction of any building or part of a building and acquisition of land or building for such construction, and for this purpose “construction” means —

any building operations, or demolition and rebuilding operations, in, on, over or under any land for the purpose of erecting a building or part of a building; and

any alteration or addition to, or partial demolition and rebuilding of, any building or part of a building,that requires the approval of the Commissioner of Building Control under the Building Control Act (Cap. 29) or (if carried out in a country outside of Singapore) would have required such approval if it had been carried out in Singapore.”.”.