Walker Group, the global property empire established by the late billionaire Lang Walker, has returned its first bottom-line loss in almost 15 years – of $455 million – after the real estate downturn nipped its portfolio valuations.

The accounting treatment of those write-downs – $682 million against a portfolio of office towers and extensive housing estates, now worth $6.5 billion – sent Walker Group into the red in the 2024 financial year after an $81 million net profit in the previous year.