Exemption from need for approval to become converted entity
2.  Section 9 of the Act does not apply to Roxy-Pacific Holdings Limited, in relation to any residential property that —
(a)is not non-restricted residential property;
(b)is vested in Roxy-Pacific Holdings Limited immediately before its conversion into a converted entity before, on or after 20 October 2020; and
(c)is intended for the purposes of development as residential property and with the ultimate purpose of sale or disposal by Roxy‑Pacific Holdings Limited as residential property for profit, after its conversion into a converted entity.