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  "documentTitle": "CPI Property Group (CPIPGR)",
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  "sourceTypeLabel": "Short seller",
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      "text": "We estimate the future payment obligations for just the apartments under construction to be in excess of ~€220 million and coming due over the next few years.",
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      "text": "1. 17 of the 20 the properties were not complete, but instead were “in various stages of development.”\n2. The total fair value of these projects at the date of the transaction was just “€297.8 million”, some €50 million less than the €349 million stated in the press release.",
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      "text": "fair value: €297.8 million",
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      "text": "We estimate Vitek’s that cash investment in the 20 properties was likely only ~€154 million. We estimate the future payment obligations for just the apartments under construction to be in excess of ~€220 million and coming due over the next few years.",
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      "text": "We tasked investigators to identify the properties. 18 of the properties they believe they identified are apartments; 15 of which are still in early stages of construction, with 40% - 70% of the contract payments seemingly outstanding. The two other properties the investigators identified are land plots with houses also under construction.",
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      "text": "CPI PG did not disclose the development locations, names, percentage of completion, nor the percentage of total contract payments made / remaining.",
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      "text": "Three months later, CPI PG's FY 2023 management report revealed additional key facts buried deep within:",
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      "text": "1 CPI PG 2023 management report, p. 118",
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      "text": "CPI PG's FY23 Management Report Quietly Discloses Two More Key Facts",
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