Home land development giant Lend Lease Corporation depends on selling assets in this tough market.
25 per cent of Lend Leases profits every year came from asset sales it developed for sale around the world.
But selling assets was tougher than usual because of the global finance credit crunch.
The group wrote another $490 million off its assets this week as global house property markets continue to deteriorate.
Mr Clarke said the company was trying to run the business for the long term.
We have the lowest level of debt in the property industry becaiuse we didn’t spend all our money at the top of the market.
“So we’re trying not to sell assets that we don’t need to sell. “If we have to retain those assets and reduce guidance, that we’ll do.”
However, he said he felt that the Australian housing market, and the value of commercial property could fall significantly in the near term.
