37 General Real Estate Companies General real estate firms are corporations involved in many of the same real estate activities as REITs but without enjoying the tax benefits afforded to REITs. REITs enjoy special tax advantages so long as they pass on 90% or more of their earnings each quarter to shareholders in the form of dividends. The types of activities in which these general real estate firms are involved include: • Property design and development • Property management, including operations of hotels, resorts, apartments, and other facilities • Land and building acquisitions, investments, and dispositions The table below shows the general real estate firms, both domestic and foreign, traded on U.S. stock exchanges: “Ever wonder how much the world is worth? Look no further. In a new report, the Lon- don-based real estate advisor Savills has tallied up the value of all global property, including commercial and residential property and forestry and agricultural land. By the firm’s count, it comes to a whopping $217 trillion total, and residential property makes up about 75% of the total value.” ~ RobeRt Hackett, FoRtune Agile Group Holdings Ltd Asia-China-Guangzhou AGPYF / OTC Real Estate - General 6,348 8.8x 0.0% 34.2% 61.3% 17.1% NA www.agile.com.cn Agile Group Holdings Ltd ADR Asia-China-Guangzhou AGPYY / OTC Real Estate - General 6,348 6.7x 7.5% 83.5% 38.7% 11.5% NA www.agile.com.cn Algodon Wines & Luxury Develop USA-NY-New York VINO / OTC Real Estate - General 23 -- 0.0% -48.4% NA NA NA www.algodongroup.com American Realty Investors Inc USA-TX-Dallas ARL / NYSE Real Estate - General 273 21.4x 0.0% 33.0% 34.6% 32.3% 8.0% www.amrealtytrust.com Ascendas India Trust Asia-Singapore ACNDF / OTC Real Estate - General 874 5.8x 4.6% 0.7% 15.3% 17.6% NA www.a-itrust.com Ayala Corporation Asia-Philippines-Makati AYYLF / OTC Real Estate - General 19,111 20.7x 0.4% -4.3% 4.8% 9.8% NA www.ayala.com.ph Ayala Corporation ADR Asia-Philippines-Makati AYALY / OTC Real Estate - General 19,111 20.7x 0.7% -10.4% 3.5% 8.2% NA www.ayala.com.ph BBMG Corp ADR Asia-China-Beijing BBMPY / OTC Real Estate - General 5,113 28.8x 0.0% 0.0% 0.0% NA NA www.bbmg.com.cn Beijing North Star Co Ltd H Asia-China-Beijing BEIJF / OTC Real Estate - General 1,650 7.5x 0.0% -3.1% -8.7% 9.2% NA www.beijingns.com.cn Blue Ridge Real Estate Co USA-PA-Blakeslee BRRE / OTC Real Estate - General 17 -- 0.0% 7.5% -2.3% -4.0% -9.2% www.brreco.com Capital Properties Inc USA-RI-Providence CPTP / OTC Real Estate - General 106 67.1x 1.7% 16.6% 10.9% 13.4% -3.4% www.capitalpropertiesinc.com CapitaLand Ltd Asia-Singapore CLLDF / OTC Real Estate - General 10,517 9.5x 0.0% -12.0% 5.4% 1.6% NA www.capitaland.com CapitaLand Ltd ADR Asia-Singapore CLLDY / OTC Real Estate - General 10,517 10.4x 3.5% 0.6% 11.1% 4.1% 1.8% www.capitaland.com China Evergrande Group Asia-China-Shenzhen EGRNF / OTC Real Estate - General 45,679 14.2x 0.0% 6.3% 89.3% 59.0% NA www.evergrande.com China Evergrande Group ADR Asia-China-Shenzhen EGRNY / OTC Real Estate - General 45,679 14.2x 0.0% 12.3% 90.0% NA NA www.evergrande.com China HGS Real Estate Inc Asia-China-Hanzhong City HGSH / Nasdaq Real Estate - General 62 6.2x 0.0% 11.8% -8.3% -28.9% 36.8% www.chinahgs.com China Jinmao Holdings Group Lt Asia-Hong Kong FRSHY / OTC Real Estate - General 4,929 8.2x 2.6% 5.7% 21.2% NA NA www.chinajinmao.cn China Overseas Grand Oceans Gr Asia-Hong Kong CSVGY / OTC Real Estate - General 1,130 7.5x 0.0% 0.0% NA NA NA www.cogogl.com.hk China Overseas Land & Investme Asia-Hong Kong CAOVF / OTC Real Estate - General 35,038 6.7x 0.0% 0.0% 3.3% 4.3% NA www.coli.com.hk China Overseas Land & Investme Asia-Hong Kong CAOVY / OTC Real Estate - General 35,038 6.7x 3.2% 4.6% 7.8% 4.0% NA www.coli.com.hk China Resources Land Ltd Asia-Hong Kong CRBJF / OTC Real Estate - General 24,373 8.1x 0.0% 17.5% 7.2% 4.8% NA www.crland.com.hk China Resources Land Ltd ADR Asia-Hong Kong CRBJY / OTC Real Estate - General 24,373 8.4x 3.5% 23.3% 15.6% NA NA www.crland.com.hk China Vanke Co Ltd ADR Asia-China-Shenzhen CHVKY / OTC Real Estate - General 37,994 5.5x 3.1% NA NA NA NA www.vanke.com China Vanke Co Ltd H Asia-China-Shenzhen CHVKF / OTC Real Estate - General 37,994 7.8x 0.0% -20.9% NA NA NA www.vanke.com Chinese Estates Holdings Ltd Asia-Hong Kong CESTF / OTC Real Estate - General 2,484 5.3x 0.0% -16.6% -4.2% NA NA www.chineseestates.com Chinese Estates Holdings Ltd A Asia-Hong Kong CESTY / OTC Real Estate - General 2,522 6.1x 1.8% -12.8% 11.9% NA NA www.chineseestates.com CK Asset Holdings Ltd Asia-Hong Kong CHKGF / OTC Real Estate - General 26,758 5.3x 0.0% -17.0% 4.3% NA NA www.ckah.com Consolidated-Tomoka Land Co USA-FL-Daytona Beach CTO / NYSE American Real Estate - General 342 6.8x 0.4% -2.8% 5.1% 11.5% 4.3% www.ctlc.com Company Headquarters Ticker / Exchange Industry Market Trailing Dividend YTD 3-Year 5-Year 10-Year Website Cap ($M) P/E Yield Return Return Return Return “Ever wonder how much the world is worth? Look no further. In a new report, the London-based real estate advisor Savills has tallied up the value of all global property, including commercial and residential property and forestry and agricultural land. By the firm’s count, it comes to a whopping $217 trillion total, and residential property makes up about 75% of the total value.” ~ Robert Hackett, Fortune