Dec. 8 (Bloomberg) -- Nakheel PJSC, the Dubai World-owned property developer seeking to renegotiate debt, had a first-half loss of 13.4 billion dirhams ($3.65 billion) as revenue fell and it wrote down the value of land and property, according to a document obtained by Bloomberg News. The loss for the company, which is building palm tree- shaped islands off the emirateâs coast, compared with a year- earlier profit of 2.65 billion dirhams, according to its financial statement for the six months to June. Revenue fell 78 percent to 1.97 billion dirhams. A spokesman for Dubai World, Nakheelâs parent, declined to comment. Dubai World began talks last week with banks to restructure $26 billion of debt, including a $3.52 billion Islamic bond of Nakheel maturing on Dec. 14. Dubai World held talks yesterday with its six main creditors, according to a banker familiar with the negotiations. http://www.bloomberg.com/apps/news?pid=20601087&sid=asbSrv_TXEeY&pos=1
http://www.forbes.com/2009/12/10/dubai-property-prices-markets-equities-survey.html?feed=rss_markets Snap back to reality, oh there goes gravity(Eminem)