Stockland's CEO could ditch the group's strategy of focusing on retail, residential and retirement property developments. The group reports a loss of $147M for the last six months of 2012 including $306M of impairments to asset values in residential projects identified for sale.
Stockland reports residential community lot sales down 6%, with lot prices down on average $4000 to $5000 per lot.
Last week Mirvac wrote down $373M in its residential business!
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