1. (a) Development of the following properties:

(i) Residential properties and shop houses where the individual unit costs more than RM250,000 each, except where the development is located in Sabah and Sarawak; and
(ii) New hotels, resorts, office buildings, golf courses, clubs and shopping complexes.
(b) Where mixed property development is involved, the proceeds from the issue of debentures must strictly be used to finance the development of properties other than those stated in paragraph 1(a).

2. For non-resident controlled companies, additional restrictions are imposed on the following activities:

(a) Construction and development of office, commercial and hotel buildings and golf courses (for both new financing and refinancing);
(b) purchase of land and buildings for rental and speculative activity;
(c) purchase of shares; and
(d) gaming activities.

All offerings of PDS must therefore comply with these requirements accordingly as is stated in the SC's Guidelines on Offering of Private Debt Securities.

These restrictions will be reviewed by the NBMC from time to time.