German Real Estate Management and Development Potentially Undervalued Companies

Foxtons Group

Market Cap: €175.5m

An estate agency, provides services to the residential property market in the United Kingdom.

Shun Tak Holdings

Market Cap: €2.0b

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.

Noratis

Market Cap: €14.8m

A real estate company, invests in, develops, manages, and sells residential property portfolios in Germany.

Real Brokerage

Market Cap: €820.7m

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

China Resources Land

Market Cap: €205.7b

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

Noratis

Market Cap: €14.8m

A real estate company, invests in, develops, manages, and sells residential property portfolios in Germany.

Develia

Market Cap: €3.8b

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

VIB Vermögen

Market Cap: €240.6m

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

Midland Holdings

Market Cap: €1.3b

An investment holding company, provides property agency services in Hong Kong, Macau, and Mainland China.

NEPI Rockcastle

Market Cap: €99.2b

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.

CBo Territoria

Market Cap: €129.2m

Operates as a real estate company in France.

Compass

Market Cap: €3.8b

Provides real estate brokerage services in the United States.

RCM Beteiligungs

Market Cap: €16.9m

A public investment firm specializing in real estate.

Fastighets AB Balder

Market Cap: €78.9b

Develops, owns, leases, and manages residential and commercial properties in Sweden, Denmark, Finland, Norway, Germany, and the United Kingdom.

Daiwa House Industry

Market Cap: €3.1t

Engages in the construction contracts business in Japan and internationally.

China South City Holdings

Market Cap: €1.3b

Develops and operates integrated logistics and trade centers in the People’s Republic of China.

Summarecon Agung

Market Cap: €6.8t

PT Summarecon Agung Tbk constructs and develops real estate properties in Indonesia.

RCM Beteiligungs

Market Cap: €16.9m

A public investment firm specializing in real estate.

Zhenro Properties Group

Market Cap: €227.1m

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

Minmetals Land

Market Cap: €1.4b

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

China Overseas Grand Oceans Group

Market Cap: €6.9b

An investment holding company, invests in, develops, and leases real estate properties in the People’s Republic of China and Hong Kong.

Greentown China Holdings

Market Cap: €25.1b

Engages in the development for sale of residential properties in the People’s Republic of China.

Zensun Enterprises

Market Cap: €216.2m

An investment holding company, engages in the property development, property investment, project management and sales services, hotel operations, and securities trading and investment businesses.

Logan Group

Market Cap: €5.8b

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

Comstock Holding Companies

Market Cap: €124.1m

Operates as a asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C.

CR Energy

Market Cap: €11.4m

An investment company, invests in technology companies in Germany.

Xinyuan Real Estate

Market Cap: €15.6m

Engages in residential real estate development and construction activities in the People’s Republic of China, the United States, Malaysia, and the United Kingdom.

DEMIRE Deutsche Mittelstand Real Estate

Market Cap: €70.2m

Engages in the acquisition, management, and leasing of commercial real estate properties for medium-sized companies in Germany.

Wang On Group

Market Cap: €325.8m

An investment holding company, primarily engages in the property development and investment activities in Hong Kong, Mainland China, Macau, and internationally.

Krona Public Real Estate

Market Cap: €192.3m

Operates as a real estate company in Norway.

CR Energy

Market Cap: €11.4m

An investment company, invests in technology companies in Germany.

OUE

Market Cap: €844.7m

Operates as a real estate development, investment, and management company in Singapore, the People’s Republic of China, Japan, and Indonesia.

DEMIRE Deutsche Mittelstand Real Estate

Market Cap: €70.2m

Engages in the acquisition, management, and leasing of commercial real estate properties for medium-sized companies in Germany.

Zensun Enterprises

Market Cap: €266.0m

An investment holding company, engages in the property development, property investment, project management and sales services, hotel operations, and securities trading and investment businesses.

Great Eagle Holdings

Market Cap: €11.0b

An investment holding company, invests in, develops, leases, and manages residential, office, industrial, and hotel properties in Hong Kong, the United States, Canada, the United Kingdom, Australia, New Zealand, Mainland China, and internationally.

Dexin China Holdings

Market Cap: €252.4m

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