They do not confer legal ownership to certificate holders, but entitle them to beneficial ownership, i.e.,
to the net income derived from the property and any net proceeds of the sale.
Part of the annual coupon qualifies as redemption of principal, and is thus exempt from withholding tax. The other part of the coupon, namely the interest component, is subject to a 25% withholding tax.
Risk exposure is generally concentrated on a single property or on a limited number of buildings. Together with financial and real estate market trends, this will determine the value of real estate certificates and their expected income.