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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "notes": "The slide argues that fair value gains were unjustified due to accounting reclassifications.",
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      "text": "While this year's classification seems more reasonable, it is eclipsed by prior years' massive and unjustified gains.",
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      "text": "fair value gains: €99,938",
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      "text": "However, per CPI PG’s response, both companies benefited from a change to the “Investment Properties Under Development” methodology. The reclassification resulted in €68.1 million in fair value gains in the years 2017-2021.",
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      "text": "In 2022, the year in which Polygon started construction and MQM purportedly received its permit, CPI PG booked another €31.9 million in fair value gains. While this year’s classification seems more reasonable, it is eclipsed by prior years’ massive and unjustified gains.",
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      "text": "In 2021 and 2022, CPI FIM, a holding company for MQM and Polygon BC, describe both companies’ assets as “Landbanks.” CPI FIM also reports the two companies’ fair value gains and asset values.",
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      "text": "1 CPI FIM, 2022 Consolidated Financials, Pp. 24, 27-28",
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