MDG

MDG: 34-10 Is Not Just a Hotel, but the Group’s Financing Lever

34-10 is MDG’s financing lever: an asset already strong enough to buy the group time, cheaper pricing, and released reserves, but also important enough that any weakness there would quickly flow back into the group’s credit layer.

Follow-up

MDG: Utopia and the Gap Between Collateral Value and Accessible Value

Utopia sharpens MDG's central gap: Series 11 is secured by a real project collateral package, but the value actually accessible to bondholders first depends on clearing the existing asset loan, then funding construction, and only later turning a property currently appraised at $…

Follow-up

MDG: How Much of the Stability Really Comes From Related-Party Tenants

Part of MDG's 2025 stability is owner-supported stability: related-party tenants, related management, and personal guarantees from the controlling shareholder support the credit picture together, so not all revenue quality is being tested against a fully outside market.

MDG 2025: Value Jumped, but the Cash Test Is Just Starting

MDG has already shown that it has real asset value, debt-market access, and execution ability, but 2026 now needs to prove that this value is starting to flow into cash, AFFO, and a cleaner funding margin instead of remaining mostly in the revaluation and realization layer.