understanding vdm group, page-11

Hi Mike,
They own some, but some they do not. You have to read the detail of each project.
Sometimes they do not say.
Read section 24 of the financial report for those that are in the accounts. This also includes assets that are used in contracts. There are indications that land was owned by the company and sold to related parties (section 26-e).
The company sometimes acquires land and sells to new owners with a contract to build property.
For other owned properties would need to investigate in detail.
Best of Luck
Lost