westfield us valuations down thirty five pcent, page-5

The 35% is a drop of profit compared to the previous period:

Profit after tax June 08: 1,295B
Profit after tax June 07: 1,986B

This doesn't mean that US valuations have dropped by the same amount. Swap's post is pretty spot on.

For US equity accounted entities, ie where Westfield have a share in other entities, net assets (or carrying value):

Jun 08 1,638
Dec 07 1,752

drop of 6.5%