So that means they are operating with money they do not own and still dealing with real estates with loans
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So that means they are operating with money they do not own and still dealing with real estates with loans
It means they cannot get access to loans since their assets are not liquid and there is no market for them. Hence it carries a lower price if anyone will give money at all.
It is like going for a loan on a house and it was worth half of what you thought it was. Either you are not getting the loan or have to accept a lot less money.