RE:RE:Undervalue..........Apparently they forward sold the houses, and then had inflation in materials and maybe labour. So that explains some margin compression. But judging by the account on page 11 of the MD&A, they sold the houses at cost, and gave away the land for free. The magnitude of the loss defies explanation.
You have to wonder what the JV partner's books look like: Geranium Homes, the general contractor earning management fees and presumably leasing all the heavy machinery sitting idle while they wait for supplies. What kind of builder's margin are they pulling down on TWC dime?