COLOMBO, Jun 1, 2009 (Asia In Focus via COMTEX) -- EQY | Quote | Chart | News | PowerRating -- The real estate arm of Sri Lanka's CARSONS CUMBERBATCH group said it was writing down the values of properties by 450.3 million rupees (US$3.9 million) as the prices slumped in the wake of tight monetary policy. "This year has been a challenging year where we saw a significant market correction on the property prices as a result of tighter credit conditions and a change in investor and customer attitude on real estate," EQUITY ONE LTD, a Carsons property firm said in a statement.
* "The property values have reflected changes in interest rates and risk.
* "Unrest in the financial markets and uncertainty in the wider economy have added to the crisis of the property market."
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