The real estate sector and the capital market

The real estate sector and the capital market have been among the worst hurt by the crisis in the last three years. However, real estate companies have been less affected than other sectors, such as industry and constructions, and have become some of the most valuable entities on the RASDAQ market.
Generalcom Bucureşti (GECM), controlled by French businessman Alain Bonte, currently has the biggest capitalisation on RASDAQ, of over 300 million RON (70 million euros), higher even than in 2007, before the crisis, when both the Stock Exchange and the real estate market were at all-time highs. Unirea Shopping Center (SCDM), the company held by Dan Adamescu which owns Unirea shopping centre in central Bucharest, is valued at nearly 200 million RON (46 million euros) at present, around 45% less than in July 2007. How can this paradox be explained?One reason is that these companies are not real estate developers, which have in fact been significantly hurt by the crisis, they are instead companies that own real estate assets and make revenues from renting them out. Second, most of them inherited high street stores in big cities, which means they have little trouble finding tenants.Unirea Shopping Center (SCDM), the company held by Dan Adamescu which owns Unirea shopping centre in central Bucharest, is valued at nearly 200 million RON (46 million euros) at present, around 45% less than in July 2007. How can this paradox be explained?One reason is that these companies are not real estate developers, which have in fact been significantly hurt by the crisis, they are instead companies that own real estate assets and make revenues from renting them out. Second, most of them inherited high street stores in big cities, which means they have little trouble finding tenants.