Lendlease reports $1 billion loss amid strategy shift, regulatory delays

(Reuters) – Australia’s Lendlease on Monday said its annual loss widened as the real estate developer faced the brunt of a major shift in operational strategy amid a delay in the corporate regulator’s review on a sale of community projects.

The country’s largest property developer reported a full year loss after tax attributable of A$1.50 billion ($1.00 billion) as compared to a loss of A$232 million a year ago.

($1 = 1.4948 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Nivedita Bhattacharjee)