Reality has returned to property shares after a two-month outperformance that most have written off as a bear market rally.
Results from several big property companies this week either confirmed expectations that property values have slid considerably since the beginning of the year, or added worries about the level of demand for property from occupiers during the economic downturn.
Hammerson was forced to write off £407m from its properties, leading to a pre-tax loss of £417m. Liberty International lost £458m after £639m was wiped off its portfolio.
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