St Modwen posts £20m losses

If you heard a high-pitched sound on Tuesday, it was probably the world's smallest violin playing for Arcade developer St Modwen. Thanks to the property market collapse, it posted £20m losses for the first half of the year (last year it posted £65.1m profit in the same period). It has written £54.6m off its portfolio in what it describes as the worst period for the industry in almost 20 years.
Quoted in this Telegraph article, St Modwen says: "For residential land, there is currently no genuine market, as the major housebuilders are unwilling to invest in land until they can see the way ahead more clearly."
Meanwhile this BBC News story says that St Modwen is delaying its housebuilding plans in Longbridge. This comes just days after it announced it's delaying a development in Hatfield (see story below).
Again this suggests we will face delays (or maybe even get a reprieve - after all, St Modwen doesn't own the land yet) for the Arcade...