some genotypes of rice are resistant to flooding because they have a different gene which code for ehtylene production. You may have a look at the very interesting paper in attachment.
Then, if you are also interested in the reason why ethylene helps survive flooding you might also read the second paper attached.
Aquatic plants do not develop in anoxia; they transport oxygen from the atmosphere to the submerged roots via aerenchyma. They are even able to release oxygen from the roots into the sediment avoiding the formation of reducing conditions around the roots
In addition to oxygen supply to growing plants, some plants species (including rice) can generate energy by (ethanolic or lactacte) fermentation. Some excellent reviews have been published in which all strategies are described that plants use to survive or escape oxygen deprivation: such as tolerance, avoidance, quiescence, etc. A very recent paper is: