There was an article in yesterday's AFR that I thought would be...

There was an article in yesterday's AFR that I thought would be of interest to other users on this forum, so I have decided to share the following points outlined in the article.

The article states that SDG is facing its most difficult period in its 25 year history with the company having to cancel or defer buildings and book significant write-downs for its overseas portfolio.

It states that SDG cancelled their most ambitious project The Atrium on Waterfront before they started and then deferred another joint project, the $850MN Waterfront 1.

Sunland also announced write-downs of $231MN in the value of its Dubai holdings for FY09.

MD Sahba Abedian was quoted as saying "The company has weathered the financial turmoil of the past 18 months better than most and had relatively low gearing levels and a positive net debt position."

He confirmed that the $626MN five star Palazzo Versace Resort in Dubai was still under construction and would retain the high-end brand name.

D1, Dubai's $859MN sister to the Q1 skyscraper in Surfer's Paradise on the Gold Coast, would also be completed, he said.

He dismissed suggestions that the company had lost the support of Versace.