Australian property developers Westfield Group, Centro Properties Group and Lend Lease Corp. reported $5.25bn in losses today as the global recession wiped billions off the value of assets and retail sales plunged.

Westfield, the world's largest shopping-center owner by market value, reported a net loss was $2.2bn in 2008, from a profit of $3.4bn a year earlier. Centro, with more than 70% of its assets in the US, said its first-half loss doubled, while Lend Lease, building London's Olympic Village, lost $596.4m in the period.

Australian real estate investment trusts have lost $92bn in value in less than two years as a global recession and seizure in credit markets curbed consumer spending.

The Age, The Australian