ann out, page-102

People are starting to realize the game is over for ever increasing property prices. That was entirely fueled by cheap debt more than supply/demand factors. Even if interest rates were lower it will only stabilize property price declines. Nobody I've talked too thinks property prices will rise anytime soon.

Becton's gearing is too high for a developer and they need to sell assets quickly to reduce short term debt. Looks like a real juggling act to manage cash flow. If they get through this period intact then this is cheap. Their FY report should reveal the true story.