But there were no signs of an immediate improvement in property market conditions, making any return to profitability unlikely for some time, he said.
Speyhawk, which had net liabilities of pounds 85m at the end of last September, reported losses after tax of pounds 9.5m against pounds 10.8m in the half year to 31 March.
Mr Osborne said that very few of its fully let City office properties could be offered to a sluggish and somewhat unreceptive investment market. First-half sales were all small transactions to raise cash. Speyhawk closed 1p down at 5.5p.
Arcadian International, the hotel and golf club developer with interests largely on the Continent, reported lower losses of pounds 853,000 against pounds 2.8m in the year ended 30 April. Shares rose 3p to 63p.Reuse content