I love to subscribe to conspiracy theories and it does seem timely.
However, I think we all knew it was coming for Westfield and it's no surprise, Westifeld can't escape the re-valuation juggernaut when EVERY other property trust has had write-downs.
What I do think is also timely is this Big Four Bank/Government "just in case" fund that is to be set up. Just in time for some of Westfield and CER debt IMHO. Add that to the conspiracy.
I have maintained previously that Mr. Lowy has pulling power without doubt and none of CNP or CER's problems were in the interests of Westfield Holdings.
This should ease your minds as Westfield is without doubt one of the Big Four of the property sector. The others are CNP/CER, Stockland and GPT. These four will be fine and it is high time for some Government assistance!!
CER Price at posting:
6.0¢ Sentiment: None Disclosure: Held
