CAPCO BLEEDS IN LONDON
Capital & Counties Properties (Capco) wrote down the value of its land holdings in west London by 20% as higher taxes and political uncertainty weighed on the city’s housing market, Bloomberg reported. Capco, which plans to build 10 000 homes at Earls Court with venture partners, cut the value of its sites in the district to £1.1bn, from £1.4bn a year earlier. JP Morgan Chase & Co. had estimated a writedown of 30%, Bloomberg reported. Capco’s net asset value fell by 5.9% to 340 pence a share.