German Real Estate Management and Development Potentially Undervalued Companies

China Resources Land

Market Cap: €186.8b

An investment holding company, engages in the investment, development, management, and sale of properties in the People’s Republic of China.

UBM Development

Market Cap: €149.4m

Engages in the development, management, and sale of real estate properties in Germany, Austria, Poland, and internationally.

Relo Group

Market Cap: €254.0b

Engages in the provision of property management services in Japan.

China Overseas Land & Investment

Market Cap: €144.7b

An investment holding company, engages in the property development, commercial property operations, and other businesses in the People’s Republic of China and the United Kingdom.

Longfor Group Holdings

Market Cap: €67.7b

An investment holding company, engages in the property development, commercial investment, asset management, property management, and smart construction businesses in the People’s Republic of China.

Nexity

Market Cap: €521.1m

Operates as a real estate company in Europe and internationally.

Daito Trust ConstructionLtd

Market Cap: €1.0t

Designs, constructs, and rents apartments and condominiums in Japan.

Shimao Group Holdings

Market Cap: €2.8b

An investment holding company, engages in the property development and investment business in the People’s Republic of China.

New World Development

Market Cap: €11.6b

An investment holding company, operates in the property development and investment business in Hong Kong and Mainland China.

Aroundtown

Market Cap: €3.2b

Operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally.

Yanlord Land Group

Market Cap: €946.5m

Operates as a real estate developer in the People's Republic of China, Singapore, and internationally.

Branicks Group

Market Cap: €155.4m

Branicks Group AG (formerly DIC Asset AG) is a leading German listed specialist for office and logistics real estate as well as renewable assets with over 25 years of experience in the real estate market and access to a broad investor network.

CIFI Holdings (Group)

Market Cap: €2.7b

Engages in the property development and investment business in the People’s Republic of China.

Aedas Homes

Market Cap: €1.2b

Engages in the development of residential properties in Spain.

Jinmao Property Services

Market Cap: €2.6b

An investment holding company, provides property management services in the People’s Republic of China.

eXp World Holdings

Market Cap: €1.4b

Provides cloud-based real estate brokerage services for residential homeowners and homebuyers.

Greentown Service Group

Market Cap: €12.9b

Provides residential property management services in the People's Republic of China and internationally.

Aroundtown

Market Cap: €3.2b

Operates as a real estate company in Germany, the Netherlands, the United Kingdom, Belgium, and internationally.

Calgro M3 Holdings

Market Cap: €486.1m

Together with its subsidiary, develops and manages integrated residential properties in South Africa.

Powerlong Real Estate Holdings

Market Cap: €1.3b

An investment holding company, invests in, develops, operates, and manages commercial real estate projects in the People’s Republic of China.

Longfor Group Holdings

Market Cap: €67.7b

An investment holding company, engages in the property development, commercial investment, asset management, property management, and smart construction businesses in the People’s Republic of China.

Murapol

Market Cap: €1.6b

Engages in the residential real estate development in Poland.

CTP

Market Cap: €8.0b

Develops, owns, operates, and leases commercial real estate properties in Western Europe and Central and Eastern Europe.

VIB Vermögen

Market Cap: €240.0m

Engages in the development, acquisition, and management of commercial real estate properties in Germany.

Branicks Group

Market Cap: €155.4m

Branicks Group AG (formerly DIC Asset AG) is a leading German listed specialist for office and logistics real estate as well as renewable assets with over 25 years of experience in the real estate market and access to a broad investor network.

Capelli

Market Cap: €6.7m

Operates as a real estate development company in France, Switzerland, Luxembourg, and internationally.

Supalai

Market Cap: €27.5b

Engages in the property development business in Thailand and Australia.

NexLiving Communities

Market Cap: €58.6m

Owns and manages multi-unit residential real estate properties in Canada.

Marcus & Millichap

Market Cap: €1.1b

An investment brokerage company, provides real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada.

Leopalace21

Market Cap: €203.0b

Engages in the construction, leasing, and sale of apartments, condominiums, and residential housing in Japan.

China Resources Land

Market Cap: €186.8b

An investment holding company, engages in the investment, development, management, and sale of properties in the People’s Republic of China.

Real Brokerage

Market Cap: €878.4m

Operates as a real estate technology company in the United States and Canada.

Howard Hughes Holdings

Market Cap: €4.0b

Develops and operates master planned communities (MPCs) in the United States.

Develia

Market Cap: €3.6b

Through its subsidiaries, buys, develops, rents, manages, and sells real estate properties in Poland.

Shun Tak Holdings

Market Cap: €1.7b

An investment holding company, engages in the property, transportation, hospitality and leisure, and investment businesses in Hong Kong, Macau, the People's Republic of China, Singapore, and internationally.

NEPI Rockcastle

Market Cap: €96.1b

NEPI Rockcastle N.V. (“the Company”, “NEPI Rockcastle”, “the Group”) is a public limited company domiciled in the Netherlands, having its registered office at Strawinskylaan 563, WTC Zuidas, Tower Ten, 5th Floor, 1077 XX Amsterdam, with registration number at the Dutch Chamber of Commerce 87488329.