EXHIBIT 8.1

LIST OF SUBSIDIARIES

The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2021:

Agricultural Business

			% of ownership interest held by the Group
Name of the entity	Country	Principal activity	06.30.21
Cresud’s direct equity interest in:
Brasilagro-CompanhIa Brasileira de Propriedades Agr’colas (1)(2)	Brazil	Agricultural		39.44	%
Alafox S.A.	Uruguay	Investment		100.00	%
Futuros y Opciones.Com S.A.	Argentina	Brokerage		50.10	%
Helmir S.A.	Uruguay	Investment		100.00	%
IRSA Inversiones y Representaciones Sociedad Anónima (2)	Argentina	Real estate		62.22	%
Brasilagro’s direct equity interest in:
Araucária Ltda.	Brazil	Agricultural		99.99	%
Cajueiro Ltda.	Brazil	Agricultural		99.99	%
Ceibo Ltda.	Brazil	Agricultural		99.99	%
Cremaq Ltda.	Brazil	Agricultural		99.99	%
Engenho de Maracajú Ltda.	Brazil	Agricultural		99.99	%
Flamboyant Ltda.	Brazil	Agricultural		99.99	%
Jaborandi Agr’cola Ltda.	Brazil	Agricultural		99.99	%
Jaborandi Propriedades Agr’colas S.A.	Brazil	Agricultural		99.99	%
Mogno Ltda.	Brazil	Agricultural		99.99	%
Agrifirma S.A.	Brazil	Agricultural		99.99	%
Palmeiras S.A.	Paraguay	Agricultural		99.99	%
Agropecuaria Moroti S.A.	Paraguay	Agricultural		99.99	%
Agropecuaria Acres del Sud S.A.	Bolivia	Agricultural		100.00	%
Ombú Agropecuaria S.A.	Bolivia	Agricultural		100.00	%
Yatay Agropecuaria S.A.	Bolivia	Agricultural		100.00	%
Yuchán Agropecuaria S.A.	Bolivia	Agricultural		100.00	%
Futuros y Opciones.Com. S.A.’s direct equity interest in:
Amauta Agro S.A. (3)	Argentina	Brokerage		98.57	%
FyO Acopio S.A. (3)	Argentina	Warehousing and brokerage		98.57	%
FyO Chile SPA	Chile	Brokerage		100.00	%
Agropecuaria Santa Cruz S.A.’s direct equity interest in:

(1) The Group exercises “de facto control” over Brasilagro as a result of (i) the percentage and concentration of voting rights of the Group and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; and (iv) the effective control exercised by the Group to direct Brasilagro’s relevant activities through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro.

(2) Includes interest indirectly held through Helmir.

(3) Includes interest directly held through Cresud.

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Urban Properties and Investments Business

			% of ownership interest held by the Group
Name of the entity	Country	Principal activity	06.30.21
IRSA’s direct equity interest:
IRSA CP (1)	Argentina	Real estate		79.92	%
E-Commerce Latina S.A.	Argentina	Investment		100.00	%
Efanur S.A.	Uruguay	Investment		100.00	%
Hoteles Argentinos S.A.	Argentina	Hotel		100.00	%
Inversora Bolivar S.A.	Argentina	Investment		100.00	%
Llao Llao Resorts S.A. (2)	Argentina	Hotel		50.00	%
Nuevas Fronteras S.A.	Argentina	Hotel		76.34	%
Palermo Invest S.A.	Argentina	Investment		100.00	%
Ritelco S.A.	Uruguay	Investment		100.00	%
Tyrus S.A.	Uruguay	Investment		100.00	%
UT IRSA y Galerias Pacifico S.A. (2)	Argentina	Investment		50.00	%

			% of ownership interest held by the Group
Name of the entity	Country	Principal activity	06.30.21
IRSA CP’s direct equity interest in:
Arcos del Gourmet S.A.	Argentina	Real estate		90.00	%
Emprendimiento Recoleta S.A.	Argentina	Real estate		53.68	%
Fibesa S.A. (3)	Argentina	Real estate		100.00	%
Panamerican Mall S.A.	Argentina	Real estate		80.00	%
Shopping Neuquén S.A.	Argentina	Real estate		99.95	%
Torodur S.A.	Uruguay	Investment		100.00	%
EHSA	Argentina	Investment		70.00	%
Centro de Entretenimiento La Plata	Argentina	Real estate		100.00	%
Pareto S.A.	Argentina	Software design and development		93.63	%
Tyrus S.A.’s direct equity interest in:
DFL y DN BV	Bermudas / Holanda	Investment		99.50	%
IRSA International LLC	United States	Investment		100.00	%
Jiwin S.A.	Uruguay	Investment		100.00	%
Liveck S.A. (4)	Uruguay	Investment		100.00	%
Real Estate Strategies LLC	United States	Investment		100.00	%
Efanur S.A.’s direct equity interest in:
Real Estate Investment Group VII LP (REIG VII)	Bermudas	Investment		100.00	%
DFL and DN BV´s direct equity interest in:
Dolphin IL Investment Ltd.	Israel	Investment		100.00	%

(1) Includes interest held through E-Commerce Latina S.A., Tyrus S.A. and Cresud.

(2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galer’as Pac’fico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process.

(3) Includes interest held through Ritelco S.A. and Torodur S.A.

(4) Includes interest held through Tyrus S.A. and IRSA S.A

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