responce to asx query, page-12

"those strip malls and shopping centres are not worth today what they were 3 months ago, 6 months ago or 1 year ago"

Evidence for this claim ????

Values of shopping centers depends on the rent the shops pay. No evidence of american shopkeepers not paying their rent. The valuation also depends on the level of interest rates, so it is true if interest rates are higher valuations fall. This does not create a problem as long as the tenants keep paying rent.

It is correct that housing market is different to commercial market. Housing market can have bubbled because it depends on how much people are prepared to pay for houses, in most cases regardless of what the houses can be rented out for. But shopping mall values depend on the rent and that is not so volatile.