SM Prime Holdings Inc. (SMPH), the largest Philippine shopping mall operator, said it dropped a plan for a $500 million real estate investment trust after the government doubled the public ownership requirement for property trusts.

The Philippines last month raised the public ownership to 67 percent. That compares with the previous minimum public shareholding of at least 33 percent, Chief Financial Officer Jeffrey Lim said. SM Prime also has an agreement with some creditors to retain control over some assets, he said.

SM Prime is dropping its plans for the REIT “given the current public ownership structure,” Lim said in a briefing in Manila, adding that the company will seek other forms of fundraising for projects “given that there’s plenty of liquidity for capital raising.”