Friends First Property Fund

FF are offering encashment at 20% to current price, what is going on?

In short, Property crash

They obviously are hoarding any cash they have and so are offering very low redemption payouts to discourage those who want to cash in their units. Otherwise, they would have to sell their properties into a declining market and realise huge losses. The current unit prices are a mirage and don't reflect the actual property values in the market.

But they had no money last week and now they can redeem units on demand , but at a huge discount, who is the real buyer or backer.