Camden,CNP faces this climate, so does Westfield (arguably more...

Camden,

CNP faces this climate, so does Westfield (arguably more so), GPT, Stockland, Becton, FKP, All the ING property trusts (listed and unlisted), Mirvac and a bunch more.

That's the market. CNP has overcome it's internal issues, now, like the rest of the property sector it has to deleverage......with full lender support.

You have to acknowledge, that many were not fearful (for a number of years actually) of Centro and others' high leverage. They were fearful that the B(w)ankers were going to pull the plug BECAUSE of the high leverage. And many bnoth on and off this forum used the simple (too simple) comparitive example of lenders providing you and I 80% to by a home which produces no income and yet would be deeply concerned when a commercial enterprise has leverage of greater than 50% on income producing properties.

Clearly this is not going to happen. Some reasonable property sales, over a sustained period and a market recover is all that is required.

This much is true and buffett's much touted posts have long acknowledged that long-term holders will be rewarded. In this aspect buffett and I concur.