I'm looking at just the revenue line, but on closer inspection,...

I'm looking at just the revenue line, but on closer inspection, it appears that this is a combination of property development & construction revenues (so perhaps the gross profit is not necessarily on sales just that quarter).

I don't understand the difference between the ~828m in sales they indicated in the note vs the ~400m in revenues (perhaps the unbilled sales of ~308m has something to do with that), but if as you claim they have ~365m in sales, when will that get recognised?

The other revenues should be dropping; my understanding was that they pivoted to leasing/renting places as the market was not favourable, and we hopefully are now seeing a return from buyers which is why they are selling those previously leased/rented places (and what may also explain the gain in fair value on investment properties.....this is where they parked these rental places on the balance sheet as opposed to inventory).

If as you say unbilled sales foretells what 1Q24 may look like (favourable), there has been virtually no market reaction to that (although it's totally illiquid and under the radar so perhaps no surprise there)