Dutch financial giant ING said on Monday that it expects to post real estate writedowns of EUR 600 mln in the fourth quarter, accounting for half of the group's total real estate writedowns for the full year (EUR 1.2 bn). The correction in the value of its real estate was mostly seen in the UK, Australia and the US, chairman Jan Hommen said in a conference call on Monday. 'Real estate prices, including the US housing market, were down, roughly 30% in the fourth quarter,' Hommen said. Writedowns across all businesses totaled EUR 1.8 bn in the fourth quarter.
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