REAL ESTATE ACTIVITIES

This section includes activities of owning, renting out, buying, selling, developing or refurbishing (re-developing) property. It includes agents and/or brokers in one or more of the following: selling or buying real estate, rental real estate, providing other real estate services such as appraising real estate or acting as real estate escrow agents. Activities in this section may be carried out on own or leased property and may be done on a fee or contract basis. This section also includes the development of construction projects for self-owned buildings or civil engineering works for later sale or renting. It also includes the management of collective portfolio investment funds (e.g. Real Estate investment Trust (REITS)) with main income from the rental of premises.