thorn in the side gone, page-25

The 90m would be roughly 10% of their "Investment Assets" as at 30-June 2008. Their assets are actually larger now since there have been further acquisitions post Balance Sheet date. Not sure about 10% devaluation. The interest rates have come down in Japan and the valuation would be a function of rental income from a given property. So if the rent hasn't changed and is locked in for some time one would not expect a significant devaluation. The valuation bias remains down though so I guess we will find out soon.