Stockland hit by UK crash

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Today it slashed its forecast earnings in a gloomy assessment of its British business.

It says it will write down its UK assets by more than £20 million and take a charge of A$60 million (£26.4 million) on UK operations.

It now expects to just break even here after previously forecasting a A$20 million profit.

"Conditions in the UK have significantly deteriorated over the past two months with a sharp fall in confidence, economic conditions and property values," Stockland managing director Matthew Quinn said.

He added that poor conditions in the UK had prompted him to defer the sale of several properties. He believes conditions are unlikely to recover for some time.

Stockland entered the market in May 2007 with a long-term strategy to create an integrated property development platform, focusing on large-scale, mixed use projects.