However, 1983 came and with it a property slump that forced a sale of assets by that unit, Far East Consortium.

FORBES: Developer David Chiu Builds For Value-Minded Chinese

Despite losses from cable and Hong Kong's property slump, Wharf remains profitable.

CNN: BUSINESS

Hundreds of housebuilding job cuts across the UK have previously been announced by Bovis Homes, Redrow, Taylor Wimpey and Persimmon as firms outline efforts to combat the property slump.

BBC: Concern over Scots building jobs

It has to depend on unforgiving market forces - witness the 50% slump in property values.

CNN: WHO HAS THE EDGE?

It is weighed down by an array of concerns: the collapse of property prices, the tech slump, low consumer confidence and the lack of a decisive U.S. recovery to spur Asia's exports.

FORBES: Magazine Article

The debt crisis in the euro zone and a deepening slump in the domestic property markets have aggravated the problems.

WSJ: SNS Reaal Is in Talks to Avoid Bailout

" In spite of uninspiring trade figures, the global electronics slump, and concerns about poor earnings in the property sector, he says: "We believe economic growth in the second half will surprise on the upside.

CNN: WHERE TO PUT YOUR MONEY

On the bright side, however, the commercial-property downturn isn't expected to be nearly as steep as the current slump in the housing market, where recent data showed foreclosures rising to the highest level on record in the fourth quarter of 2007.

WSJ: Malls, Offices May Slump Less Steeply Than Homes

Local governments, which rely heavily on property taxes to fund local schools, have been particularly hard hit by the prolonged slump in house values.

ECONOMIST: The public sector is still hobbling the economy