The problem with buy backs is that most of the time the share...

The problem with buy backs is that most of the time the share price goes down afterwards. Also I would never take a property developers NAV on trust. They are better replenishing their land bank while prices are more reasonable.

The shares do look very cheap, but they always do !! With all the negative sentiment around, and bank lending tightening up, I just can’t see an obvious catalyst to buy at the moment.