Lend Lease, Australia’s largest property developer, posted a second-half loss after writing down the value of its holdings and said a slow market limited the company’s ability to sell properties.

The company’s shares fell 6.3% to A$8.89 at 1:55 p.m. in Sydney trading, the biggest drop in more than six months. The net loss totaled A$57.2m ($47.4m) in the six months ended June 30, compared with a profit of A$5.8m a year earlier. The second-half figure was calculated by subtracting the first-half loss of A$596.4m from the full-year loss of A$653.6m released by the company today.