Grosvenor Group will pull back from new projects, after closed shops and a stalled housing market smashed profits.
Mark Preston, chief executive of the Duke of Westminster’s property company, said: “We are adopting a very cautious stance on new commitments for the time being.”
He added that it would continue to finance its £4.9bn development pipeline. This includes projects in London, China and the USA.
A further £1bn will be invested in commercial property and new public spaces in the West End of London.
