The financial supervisory authority Bafin has found several serious errors in the balance sheet control of the real estate group Adler Group.
This includes, for example, a significantly excessive annual surplus of a subsidiary.
Even if Adler does not accept these findings and therefore wants to lodge an objection, this is a worrying development for the ailing real estate group.
It comes at a time when the real estate market as a whole is becoming less comfortable.
The boom that has been going on since 2010 is over, at least for the time being.
This is shown by the price development: In the past twelve years, the prices for owner-occupied residential property in Germany have doubled, and in the seven largest cities from Berlin to Stuttgart they have even risen by 136 percent.
This trend is now being reversed: According to information from the Association of Pfandbrief Banks, which bases its findings on actual transactions and not just on advertisements, residential real estate prices fell slightly in the second quarter compared to the previous quarter for the first time in a long time.
Interest rates are rising, making home finance more expensive.
Part of the crisis is that building itself is also becoming more expensive due to high material costs and a lack of workers, as well as high energy costs.
As a result, only a few apartments are currently being built.
The fact that the real estate group Adler got into trouble strengthens the image of a crisis-ridden industry.
It is questionable whether and when Adler apartments will be completed, for example at the Steglitzer Kreisel in Berlin.
But maybe new opportunities will open up if a healthy competitor takes the reins.
Because despite the crisis on the real estate market, one thing is certain: the basic need for apartments is still very high, and the current drop in prices can also be seen as part of a normalization.