Real estate is a big part of many companies' assets, especially in places like Hong Kong and Singapore. A study in Singapore looked at how much real estate different companies have. They found that the risk of real estate affects how companies are valued. Companies with more real estate assets are more affected by changes in real estate prices. This connection between real estate and company value is strongest in industries like real estate, hotels, and construction. But even companies in finance and conglomerates can be impacted by real estate. The study also showed that you can estimate a company's real estate exposure by looking at how much real estate they own. This can help with managing investments in markets where land is limited.