I'm not sure that you can believe the book value of commercial...

I'm not sure that you can believe the book value of commercial property. I've just been through the exercise of renting 1,000 sq m of office space very close to the Sydney CBD and found substantial vacancy rates. The owners won't move on their rental rates "so they can keep the book value high" but they will give you up to 40% rent holiday over a 5 year period. This is a conssistent approach as we looked at around 50 buildings.

Ultimately this will all come out as income from commercial property will be substantially down on what was expected by shareholders.