Hi 77,
Re: "payables to residents".
My understanding is the following - residents do not buy the homes, they loan the purchase price to PrimeTrust which entitles them to live in the home till they move. When the home is "re-sold", the resident get their loan back less the deferred management fee. Then PrimeTrust gets to "sell" the same home again! I'm only guessing, but given the nature of the loan - I don't believe Primetrust pays any interest on it??? But is it a liability and has to be on the balance sheet. However, I stand to be corrected.
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Hi 77,Re: "payables to residents". My understanding is the...
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