I'm not convinced that selling houses trading at 30 x revenues with paper thin margins (non existent) under attack from all angles after a historically unprecedented run up in prices into the lowest interest rates in recorded history required any special insight, I think owning them beforehand though is pretty impressive and took either idiocy or incredible insight (think bitcoin didn't make any sense to begin with but worked out well).
Terming out debt at those rates would have made more sense than paying down, even current rates are massively negative.
All I am saying is that borrowing money and terming it out at historically low rates and raising equity before you need it is common sense.
The equity they raised was still at an inappropriately low price at the time, looks good now and I'm glad they did.
Clever stuff in the loans maybe but at the time the borrowers had the power, agree skillful though.
They did a much better job than their competitors but nothing special here just classic decent business acumen. I guess I am used to America and in NZ this is probably some kind of never before seen ground breaking achievement.