U.S. Real Estate Management and Development Potentially Undervalued Companies

Shimao Group Holdings

Market Cap: US$2.9b

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

China Jinmao Holdings Group

Market Cap: US$16.3b

Engages in the property development business in Mainland China.

Fathom Holdings

Market Cap: US$39.2m

Provides a real estate services platform that integrates residential brokerage, mortgage, title, and insurance services in the United States.

Mitsubishi Estate

Market Cap: US$3.3t

Engages in the real estate activities in Japan and internationally.

Forestar Group

Market Cap: US$1.1b

Operates as a residential lot development company in the United States.

Nexity

Market Cap: US$514.8m

Operates as a real estate company in Europe and internationally.

Shanghai Industrial Urban Development Group

Market Cap: US$1.7b

An investment holding company, engages in residential and commercial properties development, property investment, and hotel operations in the People’s Republic of China.

Savills

Market Cap: US$1.3b

Engages in the provision of real estate services in the United Kingdom, Continental Europe, the Asia Pacific, Africa, North America, and the Middle East.

Sirius Real Estate

Market Cap: US$1.4b

Engages in the investment, development, and operation of commercial and industrial properties in Germany and the United Kingdom.

Pandox

Market Cap: US$33.4b

A hotel property company, owns, develops, and leases hotel properties.

Swire Properties

Market Cap: US$114.5b

Develops, owns, and operates mixed-use, primarily commercial properties in Hong Kong, Mainland China, and the United States.

Corporación Inmobiliaria Vesta. de

Market Cap: US$43.4b

Acquires, develops, manages, operates, and leases industrial buildings and distribution facilities in Mexico.

Mitsui Fudosan

Market Cap: US$3.8t

Operates as a real estate company in Japan.

CapitaLand India Trust

Market Cap: US$1.5b

CapitaLand India Trust (CLINT) was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in August 2007 as the first Indian property trust in Asia.

City Developments

Market Cap: US$4.8b

City Developments Limited (CDL) is a leading global real estate company with a network spanning 168 locations in 29 countries and regions.

Poly Property Group

Market Cap: US$5.4b

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

Daiwa House Industry

Market Cap: US$3.0t

Engages in the construction contracts business in Japan and internationally.

SM Prime Holdings

Market Cap: US$679.9b

Operates, maintains, and leases commercial shopping malls in the Philippines and China.

Sun Hung Kai Properties

Market Cap: US$269.2b

Develops and invests in properties for sale and rent in Hong Kong, Mainland China, and internationally.

Sino Land

Market Cap: US$79.9b

An investment holding company, invests in, develops, manages, and trades in properties.

Opendoor Technologies

Market Cap: US$444.8m

Operates a digital platform for residential real estate transactions in the United States.

Frasers Property

Market Cap: US$3.5b

Frasers Property Limited ("Frasers Property" and together with its subsidiaries, the "Frasers Property Group" or the "Group"), is a multinational investor-developer-manager of real estate products and services.

Lippo Karawaci

Market Cap: US$6.1t

Provides property development services in Indonesia.

Airport City

Market Cap: US$6.0b

Operates as a real estate company in Israel and France.

Greentown China Holdings

Market Cap: US$15.2b

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

Heiwa Real Estate

Market Cap: US$156.9b

Operates as a real estate company in Japan.

Real Matters

Market Cap: US$415.4m

A technology and network management company, provides appraisal and title services in Canada and the United States.

Multiplan Empreendimentos Imobiliários

Market Cap: US$13.2b

Multiplan Empreendimentos Imobiliários S.A.

KE Holdings

Market Cap: US$21.0b

Through its subsidiaries, engages in operating an integrated online and offline platform for housing transactions and services in the People's Republic of China.

Kennedy-Wilson Holdings

Market Cap: US$1.0b

Operates as a real estate investment company in the United States and Europe.

Mitsui Fudosan

Market Cap: US$3.8t

Operates as a real estate company in Japan.

Sino Land

Market Cap: US$79.9b

An investment holding company, invests in, develops, manages, and trades in properties.

K. Wah International Holdings

Market Cap: US$5.7b

An investment holding company, engages in the property development and investment businesses in Hong Kong and Mainland China.

Soundwill Holdings

Market Cap: US$1.5b

An investment holding company, engages in the real estate business in Hong Kong and the People's Republic of China.

InterGroup

Market Cap: US$24.9m

Through its subsidiaries, operates a hotel under the Hilton San Francisco Financial District name in San Francisco, California.

Parkit Enterprise

Market Cap: US$122.1m

Parkit Enterprise is an industrial real estate platform focused on the acquisition, growth and management of strategically located industrial properties across key urban markets in Canada.