Free Cash Flow ImprovementImprovement in free cash flow and a positive FCF-to-net-income ratio indicate better conversion of accounting profits into discretionary cash. If sustained over months, this supports funding development projects, reduces near-term reliance on external financing and improves liquidity flexibility.
Stable Equity RatioA relatively stable equity ratio provides a persistent capital cushion that helps absorb project timing variability common in real estate development. Over several months this supports access to bank financing on reasonable terms and reduces the need for immediate asset disposals under stress.
Operational ScaleA workforce of 900 indicates meaningful operational scale for development, asset management and project delivery. This scale supports consistent execution across multiple projects, helps maintain institutional knowledge, and can deliver cost efficiencies versus smaller competitors over the medium term.