reading the annual report with a view to better understanding...

reading the annual report with a view to better understanding the total property exposure today was interesting.... $6bln of 'investment properties' with nearly $3bln of loans from residents. numerous guarantees (albeit potentially limited in time - but am unable to better understand the obligation wIthout access to conttacts to take back the property or what the liquidity impact might be if this happens en masse).

WIth cIrca 500+ unsold unIts as of recent balance date and many many more on the way If they get caught holdIng lots of hI-spec units It could be ugly

Recent profIts are revaluatIon drIven ... thIs can work In reverse