I agree with you on this point. One of the requirements during the renewal process is “comprovativo de manutenção do investimento”. It litterally means the proof of maintaining the investment.
Whether fund or property, one must provide a document proving that he/she is still holding the same investment as before.
If the original investment was already sold, then the renewal process is no longer renewal.
And one can argue that he sold the property to put the money into Fund Route. In my opinion, Aima will likely reject the renewal process and suggest him to re-apply GV again under Fund route.
It is just unfortunate to deal with Aima - the entity never respects its own timeline.