There is an article about BEC in today's AFR. The article...

There is an article about BEC in today's AFR. The article discusses BEC's $305MN loss on the back of sharp devaluations and its efforts to rebuild.

The article mentions the fact that BEC has reduced its net debt by $500MN from $837MN 18 months ago to $338MN now and that it has been negotiating longer-term refinancing arrangements with its lenders and paying off its debt by selling some of its development projects.

Amongst other things the article points out that BEC has reduced its holdings from 40 development projects 18 months ago to just 8 now and that its focus will be on social housing, retirement, and mixed-use medium density residential accommodation.

BEC is developing two social housing projects in Melbourne and Sydney and has two more ready to go (an affordable apartment project in Sydney and a mixed-use project in Melbourne).

The CEO of BEC was quoted as saying that, after a few more asset sales and the subsequent debt reduction, BEC would be in a position to start the next projects.