Muddy Waters Short Report Sends CPI Property’s Bonds to Record Lows
- CPI Property says it will respond to claims in due course
- Short-seller makes allegations about related-party land deals
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CPI Property Group SA’s bonds tumbled after the Eastern European landlord became the latest target of short seller Muddy Waters.
Carson Block’s Muddy Waters said it was shorting CPI’s credit, claiming the firm is overstating the value of its assets and its cash accounts could be misstated. CPI has around €7.8 billion ($8.5 billion) of loans and bonds outstanding, according to data compiled by Bloomberg.