In late 2004, when Tishman Speyer Properties became one of the first US real-estate companies to launch a publicly listed fund on the Australian Stock Exchange, the future looked bright.

Five years later, the outlook is much grimmer for the fund that is managed by a subsidiary of the Tishman empire that also owns New York's Rockefeller Centre and the Chrysler Building.

The stock price, which touched highs near $3 in early 2007, are off the lows in the single penny range this year but are still trading in a range around 35 cents. And in the latest sign of its troubles, the fund is scrambling to raise cash and reduce its debt load by selling two California office buildings at substantial losses.

The Australian