浑水做空-Vivion公司（英）-7页_3mb

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Analysis of Vivion focuses on its bond exchange proposal, where valuation biases question property value reliability. Muddy Waters remains short, finding inconsistencies in data (e.g., Crowne Plaza Heathrow valued at €94.6M vs. €72.9M by CBRE). This reinforces skepticism over financial reliability, suggesting bondholders may need to accept haircuts.