FORM 20-F/A Brookfield Property Partners L.P. - Brookfield Asset ...

• differences in cultures;• changes in applicable laws and regulations that affect foreign operations;• difficulties in managing international operations;• obstacles to the repatriation of earnings and cash; and• breach or repudiation of important contractual undertakings by governmental entities andexpropriation and confiscation of assets and facilities for less than fair market value.We are subject to possible environmental liabilities and other possible liabilities.As an owner and manager of real property, we are subject to various laws relating to environmentalmatters. These laws could hold us liable for the costs of removal and remediation of certain hazardous substancesor wastes released or deposited on or in our properties or disposed of at other locations. These costs could besignificant and would reduce cash available for our business. The failure to remove or remediate such substancescould adversely affect our ability to sell our properties or our ability to borrow using real estate as collateral, andcould potentially result in claims or other proceedings against us. Environmental laws and regulations can changerapidly and we may become subject to more stringent environmental laws and regulations in the future.Compliance with more stringent environmental laws and regulations could have an adverse effect on ourbusiness, financial condition or results of operations.Regulations under building codes and human rights codes generally require that public buildings be madeaccessible to disabled persons. Non-compliance could result in the imposition of fines by the government or theaward of damages to private litigants. If we are required to make substantial alterations or capital expenditures toone or more of our properties, it could adversely affect our financial condition and results of operations.We may also incur significant costs complying with other regulations. Our properties are subject tovarious federal, state, provincial and local regulatory requirements, such as state, provincial and local fire and lifesafety requirements. If we fail to comply with these requirements, we could incur fines or be subject to privatedamage awards. Existing requirements may change and compliance with future requirements may requiresignificant unanticipated expenditures that may affect our cash flows and results from operations.We may suffer a significant loss resulting from fraud, other illegal acts and inadequate or failed internalprocesses or systems.We may suffer a significant loss resulting from fraud, other illegal acts and inadequate or failed internalprocesses or systems. We operate in different markets and rely on our employees to follow our policies andprocesses as well as applicable laws in their activities. Risk of illegal acts or failed systems is managed throughour infrastructure, controls, systems, policies and people, complemented by central groups focusing onenterprise-wide management of specific operational risks such as fraud, trading, outsourcing, and businessdisruption, as well as people and systems risks. Failure to manage these risks could result in direct or indirectfinancial loss, reputational impact, regulatory censure or failure in the management of other risks such as creditor market risk.We may be subject to litigation.In the ordinary course of our business, we may be subject to litigation from time to time. The outcome ofany such proceedings may materially adversely affect us and may continue without resolution for long periods oftime. Any litigation may consume substantial amounts of our management’s time and attention, and that time andthe devotion of these resources to litigation may, at times, be disproportionate to the amounts at stake in thelitigation.19