The listed property sector's 12 highest-paid chief executives earned a total of A$64m, including bonuses and incentives in a year when listed property companies accounted for half the losses of corporate Australia.

According to company annual reports, the Westfield Group's Lowy family and Leighton's Wal King were the highest earners, followed by Peter Brown, chief executive of Queensland-based FKP with a A$3.6m package.

Brown said he had waived his right to exercise options totalling A$2.06m, and consequently his options were cancelled in August.

More than A$40 billion was wiped from the market value of Australia's listed property sector last financial year and last before it recovered from its trough. The sector hit a low in March this year.

The Australian