Property giant Lend Lease Corporation has warned further write-downs of about $290m after tax are likely on the value of its assets.

Deteriorating economic conditions are impacting companies with exposure to the markets in which Lend Lease operates including the retail, commercial and residential markets in the UK, US, Singapore and Australia.

Lend Lease said it was reviewing its accounts but there was the potential for further impairment to the carrying values of tangible assets and goodwill.

The Age