ABSTRACT
In 1982, Germany experienced a serious breach in the fairly continuous evolution of limited dividend companies since the war as the major providers of social housing.
Neue Heimat, much the most powerful limited dividend company with no less than 150 subsidiaries at home and abroad, builder and owner of 400,000 rental units throughout Germany, as well as developer of over 1 million low-cost owner-occupier homes, was caught out in spectacularly fraudulent activity and discovered to be on the verge of bankruptcy. The collapse of Neue Heimat had deep repercussions in German housing organisations and internationally.
