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Agree - my point was they maybe selling at a higher price as they are selling higher priced apartments. The beauty of their model, which you partly allude to is that the resident full funds the property once developed, yet it is the village owner that gets the capital gain. Add to this a perpetual tax loss position (maybe different now that there is no building depreciation), and you have a pretty good model - note their dividends are always unimputed.
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