but if the whole model is based on rising asset values, then...

but if the whole model is based on rising asset values, then what happens if these asset values stall, or even retreat slightly. being overgeared to the max, then it is a rotten position to be in, when property values stall a bit. forgot exactly what the numbers are, but gross assets to the market cap, must be pretty high. asset values, are always a bit sus, but one thing for certain, is that liabilities are certain. a billion $ debt, is a billion $ debt, untill such time as an arrangement is made over the matter