Shares in Gold Coast-based property developer Sunland Development Group have fallen 2.5% on news that James Packer has resigned from the company’s board.
Packer, whose private company holds a 19% stake in Sunland, has taken a big loss since buying into the company back in 2006.
His stake, originally worth $70 million, is now worth just $25 million.
Packer originally bought into Sunland to gain exposure to the developer’s Middle East operations, which were booming a few years ago as the oil-rich emirate of Dubai was transformed.
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James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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