The COVID-19 pandemic period brings huge uncertainty, especially for the real estate sector. On the one hand, restrictions on the mobility of a population, decline in travel demands, popularization of remote work and education models caused doubts among investors questioning the future of the sector and the functions of real estate. On the other hand, the large supply of cash after the first waves of the pandemic and the upcoming increase in inflation resulted in many investors boldly investing cash in real estate, considering them as assets of stable value. This research aims to analyze the processes of value migration among real estate companies listed on the Warsaw Stock Exchange during this turbulent process. We analyzed the changes in the main drivers of value and the migration rates of the real estate sector based on data for 2018, 2019, 2020 and Q3 2021. The first period of the pandemic is the time of the collapse of the main profitability factors, sales and profitability of sales decline in the entire sector. However, the financial pillars of the analyzed companies are stable and we are not seeing signs of liquidity problems or a significant increase in debt. The second year of the pandemic is a significant reflection of most of the drivers of value, often to levels higher than those observed before the pandemic. Investors seem to remain insensitive to turbulent changes in accounting measures of effectiveness. We observe the relative stability of market measures. The processes of the migration of values from and to the sector do not show significant changes when comparing the periods before and during the pandemic. We observe various intensities of the studied phenomena in various groups of the real estate segment.

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Sustainable development on a local scale requires well-functioning instruments in the spatial planning system. Any weakness in the planning system may result in forms of spatial development that are socially, environmentally or economically disadvantageous. Therefore, the aim of this study was to examine whether master plans and land development monitoring in the Polish system are effective instruments in shaping sustainable spatial development. The factor analyzed was the share of a biologically active area and four villages located near a regional city were analyzed. Data from master plans, cadaster and orthophoto maps were used in this study. Verification of land use made it possible to evaluate whether the properties meet the provisions of spatial planning documents. In each of the analyzed villages, properties that do not meet the provisions of master plans were identified. In one of the villages, more than half of the properties had a smaller share of biologically active areas than per-mitted by the local law. The research also analyzed alternative scenarios of the potential impact of the application of permanent vegetation on sealed surfaces. These results showed that using green roofs, for example, can significantly re-duce the problem of local laws being broken. The results quantitatively confirm that the provision of master plans in the Polish system are not effective tools in regulating land development.

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With the advancement of urbanization, the stress on the green infrastructure around the urban agglomeration has intensified, which causes severe ecological problems. The uncertainty of urban growth makes it difficult to achieve effective protection only by setting protection red lines and other rigid measures. It is of practical significance to optimize the resilience of the stressed green infrastructure. To this end, we explore a scenario simulation analysis method for the resilience management of green infrastructure under stress. This research applies artificial neural network cellular automata to simulate the impacts of the Chang-Zhu-Tan urban agglomeration expansion on the green infrastructure in 2030 in three scenarios: no planning control, urban planning control, and ecological protection planning control. Based on the analysis, we identify four green infrastructure areas under stress and formulate resilience management measures, respectively. The results show that: (1) The distribution pattern of green infrastructure under stress is different in three scenarios. Even in the scenario of ecological protection planning and control, urban growth can easily break through the ecological protection boundary; (2) Residential, industrial, and traffic facility land are the main types of urban land causing green infrastructure stress, while forest, shrub, and wetland are the main types of the stressed green infrastructure; (3) Efficient protection of green infrastructure and the management of the urban growth boundary should be promoted by resilient management measures such as urban planning adjustment, regulatory detailed planning, development strength control and setting up the ecological protection facilities for the stressed green infrastructure areas of the planning scenarios and the no-planning control scenarios, for the areas to be occupied by urban land, and for the important ecological corridors. The results of this study provide an empirical foundation for formulating policies and the methods of this study can be applied to urban ecological planning and green infrastructure management practice in other areas as well. @en