23 World’s Largest Real Estate Companies

 23 World’s Largest Real Estate Companies in 2023

 

23 World’s Largest Real Estate Companies- According to Annual Report of Real Estate companies in 2023, there are 23 World’s Largest Real Estate Companies. Basically, “real estate” refers to legal terms relating to a plot of land and its environment, as well as the buildings and projects that are on the land. In this world, many companies have business in real estate industries. They have some unique products and services in this sector. Although there are millions of companies in the real estate industries, just a few of them have become the leaders in real estate industries.

Commonly, real estate can be classified broadly into 3 clusters, namely residential, commercials, and Industrial. Firstly, residential is a building that is constructed for residence, for example for housing, flats, and condominiums. Commercial is real estate that aims for commercial purposes and for profit. Some examples of commercial real estate are office buildings, warehouses, hotels. Thirdly, industrial real estate is a business sector attached to land. Some examples of these industries, namely the plantation sector, in this case also include mining, forestry, and others.

In this article, the rank of real estate companies is based on two variables, namely total assets, and net income. The total assets data were obtained from the balance sheet in the financial report, meanwhile the net income can be found in the comprehensive income statement of the financial report.

 

The Rank of World’s Largest Real Estate Companies Based on Total Assets in 2023

Rank	Name of Real Estate Companies	Total Assets	Total Assets	Total Liabilities	Total Liabilities
		in Origin Currency	in US Dollar	in Origin Currency	in US Dollar
1	CK Asset Holdings Limited	USD 508 billion	USD 508 billion	USD 109 billion	USD 109 billion
2	China Vanke Co., Ltd	RMB 1,504 billion	USD 210 billion	RMB 1,101 billion	USD 154 billion
3	China Resources Land Limited	RMB 1,191 billion	USD 166 billion	RMB 807 billion	USD 112 billion
4	Brookfield Property Partners	USD 131 billion	USD 131 billion	USD 82.9 billion	USD 82.9 billion
5	Sun Hung Kai Properties Limited	HKD 818 billion	USD 106 billion	HKD 207 billion	USD 26.9 billion
6	Longfor Group Holdings	RMB 700 billion	USD 98 billion	RMB 463 billion	USD 64 billion
7	Prologis	USD 93 billion	USD 93 billion	USD 35 billion	USD 35 billion
8	American Tower Corporation	USD 66 billion	USD 66 billion	USD 55 billion	USD 55 billion
9	Mitsui Fudosan	JPY 9,489 billion	USD 63.5 billion	JPY 5,941 billion	USD 39.8 billion
10	Realty Income	USD 57 billion	USD 57 billion	USD 24.6 billion	USD 24.6 billion
11	Mitsubishi Estate Company	JPY 7,583 billion	USD 50 billion	JPY 5,482 billion	USD 36 billion
12	Welltower	USD 44 billion	USD 44 billion	USD 17.6 billion	USD 17.6 billion
13	Digital Realty	USD 44 billion	USD 44 billion	USD 23 billion	USD 23 billion
14	Crown Castle International	USD 38 billion	USD 38 billion	USD 32 billion	USD 32 billion
15	Simon Property Group	USD 34.2 billion	USD 34.2 billion	USD 30.5 billion	USD 30.5 billion
16	Poly Development & Holdings Group	RMB 205 billion	USD 28.7 billion	RMB 160 billion	USD 22.4 billion
17	Boston Properties	USD 26 billion	USD 26 billion	USD 17.8 billion	USD 17.8 billion
18	CBRE Group	USD 22.5 billion	USD 22.5 billion	USD 13.4 billion	USD 13.4 billion
19	Avalon Bay Communities	USD 20.6 billion	USD 20.6 billion	USD 8.8 billion	USD 8.8 billion
20	Public Storage	USD 19.8 billion	USD 19.8 billion	USD 9.7 billion	USD 9.7 billion
21	Greenland Holdings Group	RMB 128 billion	USD 17.9 billion	RMB 108 billion	USD 15.1 billion
22	Vornado Realty Trust	USD 16.1 billion	USD 16.1 billion	USD 10.4 billion	USD 10.4 billion
23	Cushman & Wakefield	USD 7.7 billion	USD 7.7 billion	USD 6 billion	USD 6 billion
Source: Annual Report, 2023
Origin Currency: Currency Officially Used in Annual Report of 2023
US Dollar: Converted Currency from Origin Currency to US Dollar Based on Currency Rates
Currency Rates:
	1 Renminbi (RMB) = 0.14 US Dollar (USD)
	1 Hongkong Dollar (HKD) = 0.13 US Dollar (USD)
	1 Japanese Yen (JPY) = 0.0067 US Dollar (USD)

 

The rank above was arranged by total assets of the company owned in 2023. This data came from the balance sheet, Annual Report of the real estate companies in 2023. Theoretically, a balance sheet basically is the financial sheet that describes the financial positions of a company in a specific time (annual/ quarterly period). In detail, balance sheets consist of assets, liabilities, and equity variables.

In the table above, there are two variables shown in the table above, namely total assets and total liabilities in origin and US Dollar currency. Commonly, total assets are the physical and non-physical or current and non-current properties that a company has owned while they run their business. Furthermore, total liabilities are the debt or obligations that the company had, and they must be paid off in the future to the third parties.

 

The Rank of World’s Largest Real Estate Companies Based on Net Income in 2023

Rank	Name of Real Estate Companies	Total Revenue	Total Revenue	Total Net Income	Total Net Income
		in Origin Currency	in US Dollar	in Origin Currency	in US Dollar
1	CK Asset Holdings Limited	USD 71 billion	USD 71 billion	USD 17.3 billion	USD 17.3 billion
2	China Resources Land Limited	RMB 251 billion	USD 35 billion	RMB 37 billion	USD 5.1 billion
3	Prologis	USD 8 billion	USD 8 billion	USD 3 billion	USD 3 billion
4	China Vanke Co., Ltd	RMB 465 billion	USD 65 billion	RMB 20.4 billion	USD 2.8 billion
5	Simon Property Group	USD 5.6 billion	USD 5.6 billion	USD 2.6 billion	USD 2.6 billion
6	Sun Hung Kai Properties Limited	HKD 71.5 billion	USD 9.2 billion	HKD 19.6 billion	USD 2.5 billion
7	Longfor Group Holdings	RMB 180 billion	USD 25.2 billion	RMB 17.1 billion	USD 2.3 billion
8	Public Storage	USD 4.5 billion	USD 4.5 billion	USD 2.1 billion	USD 2.1 billion
9	Crown Castle International	USD 6.9 billion	USD 6.9 billion	USD 1.5 billion	USD 1.5 billion
10	Mitsui Fudosan	JPY 2,383 billion	USD 15.9 billion	JPY 224 billion	USD 1.5 billion
11	American Tower Corporation	USD 11.1 billion	USD 11.1 billion	USD 1.3 billion	USD 1.3 billion
12	Mitsubishi Estate Company	JPY 1,504 billion	USD 10 billion	JPY 168 billion	USD 1.1 billion
13	CBRE Group	USD 31.4 billion	USD 31.4 billion	USD 0.98 billion	USD 0.98 billion
14	Avalon Bay Communities	USD 2.7 billion	USD 2.7 billion	USD 0.92 billion	USD 0.92 billion
15	Digital Realty	USD 5.4 billion	USD 5.4 billion	USD 0.9 billion	USD 0.9 billion
16	Realty Income	USD 4 billion	USD 4 billion	USD 0.87 billion	USD 0.87 billion
17	Welltower	USD 6.6 billion	USD 6.6 billion	USD 0.35 billion	USD 0.35 billion
18	Boston Properties	USD 3.2 billion	USD 3.2 billion	USD 0.29 billion	USD 0.29 billion
19	Poly Development & Holdings Group	RMB 40.9 billion	USD 5.7 billion	RMB 1.6 billion	USD 0.2 billion
20	Vornado Realty Trust	USD 1.8 billion	USD 1.8 billion	USD 0.043 billion	USD 0.043 billion
21	Cushman & Wakefield	USD 9.4 billion	USD 9.4 billion	(USD -0.035 billion)	(USD -0.035 billion)
22	Greenland Holdings Group	RMB 24.9 billion	USD 3.4 billion	(RMB -1.7 billion)	(USD -0.2 billion)
23	Brookfield Property Partners	USD 9.4 billion	USD 9.4 billion	(USD -1.8 billion)	(USD -1.8 billion)
Source: Annual Report, 2023
Origin Currency: Currency Officially Used in Annual Report of 2023
US Dollar: Converted Currency from Origin Currency to US Dollar Based on Currency Rates
Currency Rates:
	1 Renminbi (RMB) = 0.14 US Dollar (USD)
	1 Hongkong Dollar (HKD) = 0.13 US Dollar (USD)
	1 Japanese Yen (JPY) = 0.0067 US Dollar (USD)

 

The rank above was arranged by net income of the company in 2023. This data came from the income statement, annual report of the company in 2023. The income statement is the financial report that describes the business performance of a company in a specific year (annual periods). Many people can see the profitability of a company’s business and the company’s loss, or profits can be looked at in the income statement of an annual report. In the table above, there are two variables, namely total revenue, and net income. Basically, total revenue is the total nominal value of all sales of goods and services recognized by a company while running its business in a specific period. Furthermore, net income or profit is the final amount of money an individual or business has left over after subtracting all costs, allowances, and taxes. Basically, it is the final money which the company has received while running the business.

Here is a brief description of 23 World’s Largest Real Estate Companies in 2023. Maybe some of us know this company because of its products and services.

 

Brief Description of World’s Largest Real Estate Companies in 2023

 

1.CK Asset Holdings Limited 

CK Asset Holdings Limited is one of the biggest real estate companies in the world. To date, The CK Asset Holdings has diverse activities in business presently, namely property development and investment, hotel and serviced suite operation, property and project management, pub operation and investment in infrastructure and utility asset operation. As one of the biggest property developers in Hong Kong, CK Asset has a leading market share in Hong Kong, China, Singapore, and the United Kingdom. Operationally, this company has a central office in Cheung Kong Center, Hong Kong Island, Hong Kong with several employees around 300 thousand people. In the infrastructure sector, this company owns several infrastructure companies around the world including Eversholt Rail Group, Reliance home comfort, UK Power Networks, Northern Gas Networks, Northumbrian Water Group. Meanwhile in development properties, CK Asset Holdings has own companies, namely Hui Xian RET (34% of share ownership), Fortune REIT (26% of share ownership), and Prosperity REIT (18% of share ownership). Financially, in 2023, according to an annual report, CK Asset Holdings Limited generated total revenue of USD 71 billion with total net income of around USD 17.3 billion.

2. China Vanke Co., Ltd

Vanke Co., Ltd. is a China-based real estate company that has a head office in Dameisha, Yantian District, Shenzhen, Guangdong. Historically, this company was founded in 1984 in the Shenzhen Special Economic Zone. Nowadays, Vanke has become a leading urban and rural construction and life service provider in China. The company’s business focuses on the most dynamic economic circles in the country and some cities in the central and western regions. As of 2023, In 2023, China Vanke delivered a total of 289,000 units of residential buildings, apartments and commercial offices. Financially, in 2023, China Vanke has good positive performance. Based on the balance sheet in 2023, the company has total assets around RMB 1,504 billion or equivalent with USD 210 billion and total liabilities around RMB 1,101 billion or equivalent to USD 154 billion. In the business performance, the company generated total revenue approximately RMB 465 billion equivalent to USD 65 billion with net income around RMB 20 billion or equivalent to USD 2.8 billion.

 

3. China Resources Land Limited

China Resources Land Limited is a China-based real estate company that has a main Office in Shenzhen. Historically, CR was first established as “Liow & Co.” in Hong Kong in 1938 and was later restructured and renamed as China Resources Company in 1948. Operationally, this company has four business areas, Development Property Business, Investment Property and Asset Management Business, Asset-light Management Business, and Ecosystem Elementary Business.

Financially based on the annual report of the company in 2023, the company has total assets around RMB 1,191 billion or equivalent with USD 166 billion and total liabilities around RMB 807 billion or equivalent with USD 112 billion. Based on the business performance in 2023, the company can generate revenue around RMB 251 billion or equivalent to USD 35 billion with net income around RMB 37 billion or equivalent to USD 5.1 billion.

 

4. Sun Hung Kai Properties Limited

Sun Hung Kai Properties Limited is one of the biggest real estate companies in Hong Kong. Basically, The Group specializes in developing premium quality residential projects and owns an extensive network of shopping malls and offices as well as a hotel portfolio and sizable land bank. Historically, Kwok Tak Seng, Fung King Hey, and Lee Shau Kee founded this company and still has its central office in Sun Hung Kai Centre, Wan Chai, Hong Kong. As of 2023, the Sun Hung Kai Group’s owned and managed land bank in Hong Kong amounted to about 57.8 million square feet. Of all land banks, 38.2 million square feet were diversified and completed properties were for rental and long-term investment purposes.

In the year 2023, Sun Hung Kai has total assets around HKD 818 billion or equivalent with USD 106 billion and total liabilities around HKD 207 billion or equivalent with USD 26.9 billion. Based on the business performance in 2023, the company can generate revenue around HKD 71.5 billion or equivalent to USD 9.2 billion with net Income around HKD 19.6 billion or equivalent to USD 2.5 billion.

 

5. Longfor Group Holdings

Longfor Group Holdings Limited is a real estate company which was founded in Chongqing in 1993. Operationally, the core business of Longfor focussed on five main segments including property development, commercial investment, Asset management, property management, and smart construction. Since 1998, Longfor has developed over 1,200 projects or 230 million square meters. Furthermore, as of December 2023, Longfor Commercial has opened and managed 88 shopping halls, cooperating with more than 6,600 brands.

Financially, in 2023, Longfor Group has total assets around RMB 700 billion or equivalent with USD 98 billion and total liabilities around RMB 463 billion or equivalent with USD 64 billion. Based on the business performance in 2023, the company can generate total revenue around RMB 180 billion or equivalent to USD 25.2 billion with net income around RMB 17.1 billion or equivalent to USD 2.3 billion.

6. Prologis

Prologis, Inc. is the global leader in logistics real estate headquartered in San Francisco, California. Historically, Hamid Moghadam, Doug Abbey, and T. Robert Burke founded this company in 1983. To date, along with business development, this company has managed 5,613 buildings in 19 countries and served more than 6,700 customers annually. Financially, Prologis has total assets of around USD 93 billion with total liabilities around USD 35 billion. Based on the business performance in 2023, the company can generate a total revenue of around USD 8 billion with net income of USD 3 billion.

 

7. American Tower Corporation

American Tower Corporation is American Real estate Investment company that was founded in 1995. Operationally, this company has a central office in Boston, Massachusetts, U.S.A. Functionally, American Tower owns, operates, and develops multitenant communications real estate. AS of 2023, along with business development, American Tower has 224,502 communications sites included 42,905 communications sites in the U.S. & Canada, 77,647 communications sites in Asia-Pacific, 24,229 communications sites in Africa, 31,241 communications sites in Europe and 48,480 communications sites in Latin America. Financially, American Tower Corporation in 2023 has total assets around USD 66 billion with total liabilities around USD 55 billion. Based on the business performance in 2023, the company can generate revenue around USD 11.1 billion with net income around USD 1.3 billion.

 

8. Mitsui Fudosan

The Mitsui Fudosan Co., Ltd was Japanese real estate company that has primary office in Mitsui Main Building, 2-1-1 Nihonbashi-Muromachi, Chūō, Tokyo, Japan. Historically, this company was founded in 1941 by Takatoshi Mitsui. As of 2023, this company has 2,049 employees. Mitsui Fudosan owns and manages Office Buildings, Retail Properties, Homes and Lifestyle, Hotels and Resorts, Logistics Properties.

Financially, Mitsui Fudosan in 2023 showed some satisfactory performance with total assets around JPY 9,489 billion or equivalent to USD 63.5 billion and total liabilities around JPY 5,941 billion or equivalent to USD 39.8 billion. Based on the business performance in 2023, the company can generate total revenue around JPY 2,383 billion or equivalent to USD 15.9 billion and net income around JPY 224 billion or equivalent to USD 1,5 billion.

 

9. Realty Income

Realty Income, also known as The Monthly Dividend Company, is a real estate company which was founded by William and Joan Clark in 1969. As of business development in 2023, Realty Income owns 15,450 properties across 90 different industries leased to over 1,500 different clients throughout all 50 U.S. states, the United Kingdom, and six countries in Europe. Financially, as of 2023, Realty Income has generated total revenue of USD 4 billion with successfully gained net income of USD 0.87 billion.

         

10. Mitsubishi Estate Company

Mitsubishi Estate Co., Ltd. is a Japanese-based real estate company that was founded in May 1937. Operationally, this company has a central office in Otemachi Building 6-1, Otemachi 1-chome Chiyoda-ku, Tokyo, Japan. Based on its business, this Company’s area of operations is not only in Japan but also in the United States and the United Kingdom and extends to such Asian countries as China, Chinese Taipei, Singapore, Indonesia, and Vietnam.

Financially, Mitsubishi Estate Company has assets around JPY 7,583 billion or equivalent to USD 50 billion and total liabilities around JPY 5,482 billion or equivalent to USD 36 billion. Based on the business performance in 2023, the Mitsubishi Estate Company can generate revenue around JPY 1,504 billion or equivalent to USD 10 billion and Net Income JPY 168 billion or equivalent to USD 1.1 billion.

11. Welltower

Welltower is a real estate investment trust focusing on Health Care Infrastructure founded in 1970 by Bruce Thompson and Frederic D. Wolfe and is still headquartered in Toledo, Ohio. Financially, in 2023. Welltower has total revenue of USD 6.6 billion with net income of USD 0.35 billion.

 

12. Digital Realty

Digital Realty is a real estate investment trust that owns, operates, and invests in carrier-neutral data centers across the world. As of 2023, this company has more than 300 facilities in more than 50 metro areas spreading in more than 25 countries on six continents. Financially, in 2023, Digital Realty successfully generated total revenue of USD 5.4 billion with a net income of USD 0.9 billion.

13. Crown Castle International

Crown Castle is a real estate investment trust that was founded in 1994. Operationally, this company has its central office in Houston, Texas with employees of around 4 thousand people. Along with business development, Crown Castle has owned, operated, and leased shared communications infrastructure throughout the U.S.A. In Fact, Crown Castle has managed more than 40,000 towers and other structures, 115,000 small cells on air or under contract, and 90,000 route miles of fiber primarily supporting small cells and fiber solutions.

Financially, Crown Castle International has total assets of around USD 38 billion with total liabilities around USD 32 billion. Based on the business performance in 2023, Crown Castle International generated total revenue of USD 6.9 billion and net income of around USD 1.5 billion.

 

14. Simon Property Group

Simon Property Group, Inc. is an American real estate investment trust that has a central office in Indianapolis, Indiana. Historically, this company was founded in 1993 by Melvin Simon and Herbert Simon. Along with business development, Simon Property Group owns, develops, and manages premier shopping, dining, entertainment, and mixed-use destinations, which consist primarily of malls, Premium Outlets®, and The Mills®. As of December 31, 2023, Simon Property Group owned an interest in 195 income-producing properties in the United States, consisting of 93 malls, 69 Premium Outlets, 14 Mills, six lifestyle centers, and 13 other retail properties in 37 states in the U.S.A and Puerto Rico. Financially, Simon Property Group has total assets of around USD 34.2 billion with total liabilities around USD 30.5 billion. Based on the business performance in 2023, the company has revenue around USD 5.6 billion and net Income around USD 2.6 billion.

 

15. Poly Development & Holdings Group

Poly Development is a Chinese Real Estate Company established in 1992. Based on its business, this company has diversified property including hotels, shopping malls, convention and exhibition centers, stadiums, industrial parks, theme parks, tourism, and vacation projects. Specifically, to date, property management of Poly Property is in 41 cities and 11 regions, including Shanghai, Jiangsu, Zhejiang, etc., with over 300 contracted projects and a contracted area of 60 million square meters. Financially, in 2023, Poly Development & Holding Group has total assets around RMB 205 billion or equivalent to USD 28.7 billion with total liabilities around RMB 160 billion or equivalent to USD 22.4 billion. Based on the business performance in 2023, the company can generate revenue around RMB 40.9 billion or equivalent to USD 5.7 billion with net income around RMB 1.6 billion or equivalent to USD 0.2 billion.

 

16. Boston Properties

Boston Properties, Inc. is a publicly traded real estate investment trust which was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde. managed 167 office and life science properties, 14 retail properties, 6 residential properties, and one hotel. Financially, in 2023, according to the annual report of the company, Boston Properties successfully generated total revenue of USD 3.2 billion and Net Income reaching USD 0.29 billion.

17. CBRE Group

CBRE Group, Inc. (Coldwell Banker Richard Ellis Group) is an American commercial real estate services and investment firm that has central office Dallas, Texas, U.S. Historically, this company was founded by Colbert Coldwell, Benjamin Arthur Banker, Richard Ellis in 1906. Financially, in 2021, CBRE Group has total assets of around USD 22.5 billion with total liabilities around USD 13.4 billion. Based on the business performance in 2023, the CBRE Group can generate revenue around USD 31.4 billion with Net Income around USD 0.98 billion.

 

18. Avalon Bay Communities

AvalonBay Communities, Inc., is a multifamily real estate investment trust (REIT) managing distinctive apartment communities in some of the best U.S. markets across 12 states and Washington, DC. Financially, in 2023, Avalon Bay successfully gained total revenue of USD 2.7 billion with Net Income of USD 0.92 billion.

19. Public Storage

Public Storage is a Maryland real estate investment trust (“REIT”) engaged in the ownership, development, and operation of self-storage facilities headquartered in Glendale, California. Historically, Public Storage was founded in 1972 by B. Wayne Hughes and Kenneth Volk Jr. As of business development, Public Storage has 3,044 self-storage facilities in 40 states of the U.S.A. Financially, in 2023, Public Storage successfully generated total revenue of USD 4.5 billion with net income of USD 2.1 billion.

20. Greenland Holdings Group

Greenland Holdings Corp., Ltd. known as Greenland Group is a Chinese real estate developer. Historically, this company was founded in 1992 and still has a central office in Shanghai, China. Financially, in 2023, Greenland Holding Group has total assets around RMB 128 billion or equivalent to USD 17.9 billion with total liabilities around RMB 108 billion or equivalent to USD 15.1 billion. Based on the business performance in 2023, the company generated revenue around RMB 24.9 billion or equivalent to USD 3.4 billion but suffered net loss around (RMB -1.7 billion) or equivalent to (USD -0.2 billion).

21. Vornado Realty Trust

Vornado Realty Trust is a real estate company   founded in 1982. As of business development, Vornado Realty Trust has some notable properties including New York Marriott Marquis, 1540 Broadway, Manufacturers Trust Company Building (510 Fifth Avenue), 660 Fifth Avenue, 770 Broadway, 888 Seventh Avenue, Crowne Plaza Times Square Manhattan, Fuller Building, Penn 1, The future site of 15 Penn Plaza, and Rego Center. Financially, in 2023, Vornado Realty Trust successfully generated total revenue of USD 1.8 billion with net income of USD 0.043 billion.

         

22. Cushman & Wakefield

Cushman & Wakefield Inc is a global commercial real estate services firm which is headquartered in Chicago, Illinois. Historically, Cushman & Wakefield was founded in New York City on October 31, 1917, by brothers-in-law J. Clydesdale Cushman and Bernard Wakefield. As for business development, this company has employed 52,000 people, manages around 400 offices spreading in approximately 60 countries. Financially, in 2023, the total revenue of Cushman & Wakefield reached USD 9.4 billion but unfortunately suffered a net loss of (USD -0.035 billion).

         

23. Brookfield Property Partners

Brookfield Property Partners Inc. is a global commercial real estate firm. Historically, this company was formed due to a spin-off from Brookfield Asset Management in April 2013. Operationally, this company is headquartered in Hamilton, Bermuda. With 30,200 people, Brookfield Property Partners has managed Office portfolio consisting of 72 million leasable square feet across 128 premier office assets and Retail portfolio consisting of 109 million square feet across 107 best-in-class malls and urban retail properties across the United States.

Financially, based on the annual report in 2023, Brookfield Property Partners has total assets around USD 131 billion with total liabilities around USD 82.9 billion. Based on the business performance in 2023, in the income statement of the annual report, the company can generate revenue around USD 9.4 billion but unfortunately suffered net loss around USD -1.8 billion.

 

The Summary of 23 World’s Largest Real Estate Companies Based on Total Assets in 2023

 

The Summary of 23 World’s Largest Real Estate Companies Based on Net Income in 2023

 

Bibliography of 23 World’s Largest Real Estate Companies in 2023

 

CK Asset Holdings Limited. 2024. Annual Report 2023. Accessed via https://www.ckah.com/investor-relations on December 5th, 2024.

China Vanke Co., Ltd. 2024. Annual Report 2023. Accessed via https://www.vanke.com/en/investor  on December 5th, 2024.

China Resources Land Limited. 2024. Annual Report 2023. Accessed via https://crland-umb.azurewebsites.net/en/investors/  on December 5th, 2024.

Sun Hung Kai Properties Limited. 2024. Annual Report 2023. Accessed via https://www.shkp.com/en-US/investor-relations/disclaimer?destination=/investor-relations   on December 5th, 2024.

Longfor Group Holdings. 2024. Annual Report 2023. Accessed via https://www.longfor.com/en/investor/index.html  on December 5th, 2024.

Prologis. 2024. Annual Report 2023. Accessed via https://ir.prologis.com/financials/annual-reports  on December 5th, 2024.

American Tower Corporation. 2024. Annual Report 2023. Accessed via https://www.americantower.com/annual-reports on December 5th, 2024.

Mitsui Fudosan. 2024. Annual Report 2023. Accessed via https://www.mitsuifudosan.co.jp/english/corporate/ir/library/ on December 5th, 2024.

Realty Income. 2024. Annual Report 2023. Accessed via https://www.realtyincome.com/investors on December 5th, 2024.

Mitsubishi Estate Company. 2024. Annual Report 2023. Accessed via https://www.mec.co.jp/en/ir/annual/  on December 5th, 2024.

Welltower. 2024. Annual Report 2023. Accessed via https://welltower.com/investors/  on December 5th, 2024.

Digital Realty. 2024. Annual Report 2023. Accessed via https://investor.digitalrealty.com/overview/default.aspx  on December 5th, 2024.

Crown Castle International. 2024. Annual Report 2023. Accessed via https://investor.crowncastle.com/  on December 5th, 2024.

Simon Property Group. 2024. Annual Report 2023. Accessed via https://investors.simon.com/financial-information/annual-reports  on December 5th, 2024.

Poly Development & Holdings Group. 2024. Annual Report 2023. Accessed via https://www.polyhongkong.com/EN/corporate-information  on December 5th, 2024.

Boston Properties. 2024. Annual Report 2023. Accessed via https://investors.bxp.com/  on December 5th, 2024.

CBRE Group. 2024. Annual Report 2023. Accessed via https://ir.cbre.com/financial-reports/financial-results  on December 5th, 2024.

Avalon Bay Communities. 2024. Annual Report 2023. Accessed via https://investors.avalonbay.com/company-information on December 5th, 2024.

Public Storage. 2024. Annual Report 2023. Accessed via https://investors.publicstorage.com/financial-reports/annual-reports/default.aspx  on December 5th, 2024.

Greenland Holdings Group. 2024. Annual Report 2023. Accessed via https://ir.gtec-tech.com/financials/annual-reports  on December 5th, 2024.

Vornado Realty Trust. 2024. Annual Report 2023. Accessed via https://investors.vno.com/financial-information/sec-filings  on December 5th, 2024.

Cushman & Wakefield. 2024. Annual Report 2023. Accessed via https://ir.cushmanwakefield.com/home/default.aspx on December 5th, 2024.

Brookfield Asset Management. 2024. Annual Report 2023. Accessed via https://bpy.brookfield.com/bpy/reports-filings/annual-reports on December 5th, 2024.